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To: Jim Bishop who wrote (4693)	7/22/1999 11:11:00 AM
From: SSP	Read Replies (2) \| Respond to of 150070

NUTK - Nutek Inc. To Open More Oil Wells and Finalizes Another Acquisition LAKE FOREST, Calif., Jul 20, 1999 (BUSINESS WIRE via COMTEX) -- NutekInc., (OTC BB: NUTK - news), a holding company, Tuesday announced further developments with its oil subsidiary. "We are installing 7 additional pumping units on our Big Foot leases which will be completed by the end of July. Additionally an electrical feed and pumping unit is now being installed on our newest well on which drilling had commenced, but never completed previously. If the oil price continues to be favorable, we will also be drilling a new deep well on this lease by year end," stated Murray Conradie, Nutek's President. These new deep wells have an estimated 322,600 barrels of oil reserves according to a 1997 Engineering study. "We are also evaluating the feasibility of getting back into the swabbing operation on the balance of the leases, or rather consolidating our Texas operations and only concentrating on the wells with pumps, and the new drilled wells in our fields." The long awaited acquisition of SRC International which was never finalized by prior management, has also recently been completed, adding another subsidiary to Nutek Inc. Conradie stated "after looking over the financials and projections for this company, we determined there was a great deal of benefit to Nutek to proceed with the acquisition." SRC owns the patents for which it markets and distributes the SuperGlide Rail Coverings to the Dry Cleaning and Garment Care Industry. The SRC acquisition is expected to have an impact on Nutek's bottom line within the first months of operation. 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, amongother things, volatility of prices, product demand, market competition, and risks inherent in the company's operations. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Nutek Inc., Lake Forest Paul Kotter, 949/587-9400 Fax: 949/587-9534 E-mail: investors@nutk.com www.nutk.com