Nutek Reports 82% Increase in Third Quarter Revenues.

Las Vegas, Nevada - (BUSINESS WIRE) - Oct. 29, 2002 - Nutek Inc. NUTK today announced revenues of $1,880,388 for the July/August September 2002 reporting period.

That figure represents an 82% increase over the same (3rd) quarter of the previous year.

"Third quarter 2001 was the first reporting period that included revenue from our Datascension acquisition. We are extremely satisfied on our continuing growth path, building sales revenues while simultaneously reducing overhead and operating expenses," commented Nutek CEO Murray Conradie. "Additionally, where we posted a loss of $141,000 in the third quarter 2001, we anticipate a net profit exceeding $100,000 for the comparative quarter 2002. The year-to-date net profit is approximately $500,000 on revenue of $4,946,567; or approximately 10 percent.

We anticipate a net profit for the entire fiscal year of approximately $700,000. As a direct consequence of our ongoing cost cutting strategies, of which many will only be fully realized in 2003, we expect our next fiscal year to be significantly more profitable."

In conclusion, Conradie stated, "We have completed the preparation of our third quarter results, and once the review process by our auditors has been completed, these will be filed with the Securities and Exchange Commission."

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., (NUTO-NQB) 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.