Corporate Profile for Nutek Inc., dated March 2, 2001.Business Editors --(BUSINESS WIRE) The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: March 2, 2001
Company Name: Nutek Inc.
Address: 15722 Chemical Lane
Huntington Beach, CA 92649
Main Telephone
Number: 714/799-7266
Internet Home
Page Address
(URL) www.nutk.com
Chief Executive
Officer: Murray N. Conradie
Chief Financial
Officer: Murray N. Conradie
Investor Relations
Contact: Donald Hejmanowski
Business number: 702/914-7584
E-mail address: investors@nutk.com
Public Relations
Contact: Donald Hejmanowski
Business number: 702/914-7584
E-mail address: investors@nutk.com
Industry: Diversified Holding Company/ Oil and Gas/ Clothing/
Clocks
Trading Symbol/
Exchange: OTCBB:NUTK
Company description: Nutek is a fully reporting public holding company involved in oil and natural gas operations; the production and assembly of plastic wall clocks; the design, manufacture and distribution of women's resort wear clothing; and the manufacture and distribution of unique patented products. Nutek is fast becoming a remarkable turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. story. Based on the 3rd Quarter 2000 SEC filing, the current total asset valuation now stands at $4,738,926, an increase of 473%. Sales revenues for the first 3 quarters of 2000, compared with the entire 1999 year, are up 455%. Net profit for the same period is up 179%. Entering 2001 Nutek has secured a $10 million equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . Nutek's Oil & Gas Nutek Oil Inc. is active in the acquisition, development, and exploration of oil and gas reserves with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 51,036 acres under lease in Texas, involving over 30 different leases, with more acreage currently being negotiated for. There are currently 70 producing wells that were brought back into operation under the current workover program on approximately 5,000 acres of Texas land. The recent purchase of a 90-acre gas lease is expected to return net annual earnings of $1,625,000 once production commences. |
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