Nutek Announces 2002 Annual Net Profit Of Approximately $700,000 and Forecasts Improved Profitability in 2003.

Las Vegas, Nevada - February 4, 2003 - (BUSINESS WIRE) - Nutek, Inc. (OTCBB:NUTK), a publicly traded holding company, today announced net profit of approximately $700,000 for fiscal year 2002, subject to final audit.

Nutek CEO Murray Conradie stated, "We are extremely pleased to have achieved this level of profitability and would like to thank both management and the employees for making this possible. Company revenues have increased significantly to over $6 million in 2002; a 100% increase over 2001. During each of the last 4 years, the company has consistently produced increased year-over-year revenues of 100% or more.”

Commenting on business conditions and the outlook for 2003, Conradie continued, "As a result of ongoing management efforts and cost cutting measures, the Company is well positioned to achieve continued strong financial results in 2003. We are planning to continue our strategy of building new customer alliances and increasing sales opportunities with existing customers. The cost cutting measures we implemented and the relocation of most of our call center operations to Costa Rica have had a tremendous impact on the Company's financial performance."

Commenting on the financial performance, Jason Griffith, Nutek CFO, said, “Despite the unfavorable economic climate over the past year, we have continued to grow the company in all financial aspects and expect this trend to continue. Additionally, our financials are now with the auditors and we are working with them to complete the audit and have our Form 10K filed with the SEC shortly.”

Scott Kincer, Nutek COO concluded, “It’s a wonderful feeling to say that we not only met, but surpassed, our goals for 2002. Our earnings are growing because of our increased sales and our tight control of overhead and expenses. We expect sales and earnings to continue to grow throughout 2003, with upcoming announcements of additional contracts making this truly a very exciting time for Nutek.”

Nutek is a public 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.