Nutek Inc. Negotiating Contracts and Implements Cost Saving Measures.

Henderson, NV. -- (PR Newswire) - October 17, 2001 -- Nutek Inc. (OTCBB:NUTK) announces the negotiation of several major contracts.

Nutek management is in the final negotiation stages of several large contracts for its newly acquired subsidiary, Datascension, Inc. These contracts average approximately $750,000 each in annual revenue and include industry-leading Sega of America Dreamcast, Inc.

Nutek is pleased to further announce immediate cost savings contributed to its acquisition of Datascension, Inc. Mr. Kincer, COO of Nutek, stated, “We have just renegotiated a new contract with our phone carrier that will result in an immediate annual savings of $50,000, and we have clearly identified additional savings of over $300,000 per year which we intend to leverage within the next 12-18 months.”

Mr. Conradie, Nutek’s CEO, commented, “Although we are still in the waiting period for the NASD approval for trading of Nutek Oil shares, we are pleased to report that all Nutek Oil dividend shares have been mailed out to our shareholders. Beginning early next month, Nutek Oil will be implementing a 90-day workover program to bring five additional oil wells into production each month.”

Mr. Conradie further stated, “The latest TekPlate product is on schedule, and our new television direct response commercial should be ready to air by the end of this month. We are launching this direct response campaign to bring consumer awareness to this revolutionary product.”

More information about TekPlate can be found at www.tekplate.com.

In a display of confidence and commitment to the future of Nutek, Mr. Conradie and Mr. Kincer have recently converted their entire outstanding corporate loans into Nutek restricted stock.

Safe Harbor for Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, the company's failure to implement its business strategies and other risks.