Nutek Provides Update on Failed Delivery of Stock Certificates.

LAS VEGAS, Oct 3, 2003 -- (BUSINESS WIRE) -- Nutek Inc. (NUTK) today announced that the company is again strongly encouraging all shareholders to request physical delivery of stock certificates for their share purchasers to ensure legitimate ownership rights in the company.

Failed Stock Certificate Delivery Increases

On Dec. 2, 2002, Nutek's management publicly encouraged shareholders to obtain physical stock certificates from their brokerages. Management believed that a program of certificated ownership would protect shareholder value and reduce the potential for unfair and improper trading practices.

Due to the many shareholders who requested, but did not receive physical delivery of their Nutek stock certificates from their brokerages, several shareholders along with Nutek filed a lawsuit in Nevada federal court in March 2003 for the failed deliveries of certificates from their brokerages. The majority of these shareholders to this day have been unable to obtain their certificates even though several brokerages had expressed their intent to settle these deliveries by July 2, 2003, but subsequently failed to do so. The company and its plaintiff shareholders have now retained the services of Michael Morrison, an expert in this area of securities litigation, to ensure the delivery of these certificates.

Shareholders are reminded that with respect to anyone who has purchased Nutek shares from a seller who has failed to deliver those shares, that such a "purchaser" is not in fact a lawful owner of Nutek shares, though he or she certainly has a claim for them. Unfortunately, a putative shareholder cannot rely solely upon his or her brokerage statement, because there is no guarantee your broker has enforced settlement for the shares purchased. However, such a person may have several causes of action against the failing seller. In the current market and regulatory environment, the only way to ensure all parties' compliance with the law with respect to your shares of Nutek or any other company is to take delivery of physical certificates representing your shares.

"The entire electronic transfer system, which enables unscrupulous brokerages and individuals to profit from naked short selling which ultimately results in the failed delivery of share certificates representing legitimate shares to shareholders, with virtually no negative ramifications, needs to be examined by the regulators," stated Murray Conradie, CEO of Nutek. "It appears that the SEC has finally heard our pleas and those of others companies who have been targeted by naked short sellers."

According to a Dow Jones Newswire report issued on Sept. 25, "'It's expected that the commission (SEC) will consider short selling reforms in the next few months,' SEC market regulation division director Annette Nazareth said. If approved, the SEC would ... impose more controls on short sales of stocks traded in the over-the-counter Bulletin Board. The SEC will look to increase borrowing requirements for some short sales and call for stronger enforcement, including late charges or other financial penalties for short sellers who fail to cover short positions by the settlement date. 'It will address problems that we have seen with naked short selling,' said Nazareth."

"We are encouraged by the SEC's announcement that they are looking to combat these abuses," Conradie added. "Until there is enforcement of the rules and stiff penalties for violators, legitimate investors and companies on the OTCBB and other exchanges will continue to be damaged by the companies and individuals that enable or engage in market manipulation through naked short selling."

About Nutek Inc.
Nutek Inc. is a public holding company with primary operations in three diverse industries: Datascension Inc., a leading data processing and market survey firm; Nutek Oil Inc., an oil and gas exploration and development company; and Nutek Inc., a developer and marketer of proprietary consumer/commercial products. Additional information is available at www.nutk.com .

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995  

Certain statements contained in this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to the Company that is based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. When used in this press release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.