Nutek Inc. Secures $10 Million Financing Commitment
HUNTINGTON BEACH, Calif., Jan 3, 2001 (BUSINESS WIRE) -- Nutek Inc. (OTCBB:NUTK) has secured a $10 million equity financing commitment.
Murray Conradie, Nutek CEO, stated: "We are pleased to have secured this equity financing commitment as this is a very important part of our acquisition and growth strategy. Since taking over as Nutek CEO, my business strategy has been first to establish a solid foundation for growth and profits and then move forward with growth through further acquisitions and expansion.
"In 2001, our business strategy will focus on building upon that foundation."
About Nutek
Nutek is a fully reporting public holding company involved in oil and natural gas operations; the production and assembly of plastic wall clocks in a joint effort with the Veterans Industries; the design, manufacture and distribution of women's resort wear clothing; the production and distribution of Navy Seal exercise videos; and the manufacture and distribution of unique patented products.
About the funding
"Although several potential financing partners have approached us, we have been very careful in selecting the right partners to ensure shareholder value will be maintained through the minimal amount of dilution from our equity funding. The terms on this commitment will allow Nutek to make use of this funding over a 48-month period and draw on the funds as and when needed," stated Conradie.
Commenting on the transaction, Conradie stated: "This is a strategic investment by investors that have a deep understanding of our strategy and are demonstrating a long-term commitment to the success of Nutek. This capital raise, which is a significant achievement in light of current conditions in the financial markets, represents a clear vote of confidence in our future."
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 companies failure to implement
its business strategies and other risks.
CONTACT: Nutek Inc., Huntington Beach
Donald Hejmanowski, 702/616-2474
Fax: 714/799-5466
investors@nutk.com
www.nutk.com
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: APPAREL/TEXTILES
OIL/GAS |
