Nutek Files Results for Second Quarter 2002.

HENDERSON, Nevada - (BUSINESS WIRE) - August 1, 2002 -- Nutek, Inc., (NUTK), a publicly traded holding company, today submitted to the SEC its second quarter financial results.

Selected highlights for the three-month period ended June 30, 2002, include:

-- Revenue of $1,605,037
-- Earnings of $228,911
-- Working Capital increased to $1,805,110

"We are pleased that Nutek has attained our goal of continued profitability during the second quarter of 2002," said Murray Conradie, President and Chief Executive Officer of Nutek, Inc. "The momentum we have created is continuing, momentum clearly reflected in this latest filing."

Revenue for the second quarter ended June 30, 2002, totaled $1,605,037, compared with revenue of $296,700 for the second quarter ended June 30, 2001, representing a gain of 540%. Revenue for the six-month period ending June 30, 2002, totaled $3,066,179 compared with revenue of $612,556 for the same period 2001, representing a gain of 500%. Nutek reported revenue of $2,915,548 for the entire year ended Dec. 31, 2001.

The company reported a net profit for the second quarter ended June 30, 2002, of $228,910 giving a year to date profit of $376,688. This compares with a net loss for the second quarter ended June 30, 2001, of ($25,621), and a net loss for the year ended Dec. 31, 2001, of ($270,803).

As of June 30, 2002, current assets had increased to $2,486,700, resulting in an increase of working capital of $634,919 to $1,805,110 for the second quarter, giving a current ratio of 3.65:1.

In commenting about Nutek's current business outlook, Conradie explained, "We are very pleased to be seeing this growth and fundamental improvement in the company, and would like to express my thanks to all the management and employees for obtaining these results."

Nutek is a holding company, with a concentrated focus on three primary operating divisions, diversified in very different industries. Nutek is devoted to the acquisition, development and marketing of proprietary consumer/commercial products. In addition to this division, Nutek Oil Inc., based in San Antonio, Texas, and Datascension Inc., based in Riverside, California, round out the current operating units of Nutek.

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.