Thursday November 11, 7:01 am Eastern Time
Company Press Release
Nutek Signs Letter of Intent for Acquisition
LAKE FOREST, Calif.--(BUSINESS WIRE)--Nov. 11, 1999--Nutek Inc. (OTC
BB:NUTK - news) a diversified holding company Thursday said it has executed a letter of intent to acquire Kristi & Co Inc.
In a move that brings Nutek's vision for the future into perspective, the company has acquired Kristi & Co Inc., a
manufacturing and design company of women's clothing. Kristi Hough, the CEO of Kristi & Co has been involved with the
Department of Veterans Affairs for more than seven years.
Hough is a qualified counselor, a graduate of UCLA in psychology and business administration and has successfully been
employing veterans in her businesses. Hough will also be coming on board as an officer and director of Nutek, managing the
company's project of assisting veterans back into the work force.
Hough's designs have sold in excess of $1 million in the past 18 months, and she has been featured in various news articles
outlining her role with the veterans and business successes. With the exposure and additional funding available through this
acquisition, the company will be offering mail order and online Internet sales in addition to existing retail channels.
Nutek has recently signed a new lease for office and factory premises which will house all the operations from Dec. 1, 1999.
All the production, fulfillment and administration of the various companies in Nutek will now operate out of one location
allowing greater control of operations and lowering of overhead.
Nutek also announced the addition of Pamela Horick as secretary and director of Nutek. Horick has a master's of business
administration from Haas School of Business, and her experience is in marketing, sales and account management. As Vice
President of EdVenture partners she has served clients such as Wells Fargo, Clairol and Time Magazine.
''We are finally putting the pieces together in the puzzle to integrate all our holdings and move Nutek into the next millennium as
a major player in various industries. The diversification through acquisitions of this nature ensure the company's future
competitiveness and overall profitability.''
Safe Harbor 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. These risks and uncertainties include, among other things, volatility of prices, product
demand, market competition, risks inherent in the company's international operations.
Contact:
Nutek Inc., Lake Forest
Murray Conradie, 949/587-9400
Fax: 949/587-9534
E-mail: investors@nutk.com
nutk.com |
