HUNTINGTON BEACH, Calif. February 26, 2001 -- Nutek Inc. announces the purchase of a commercial printing plant. Mr. Murray Conradie, Nutek CEO, stated, "with the volume of printing we currently undertake between our subsidiaries and the anticipated increase in volume due to our current growth rate, we determined it made economic sense to purchase our own plant.
Nutek now has the capabilities to print all promotional material, shareholder letters, clock faces and stationery in-house at tremendous savings. We expect to realize savings of approximately 76% in our printing costs and have this purchase pay for itself within 9 months of operation.
Additionally, with the rapid expansion currently underway at Nutek, we have outgrown our current facilities of 4,200 sq. ft. after moving in just 14 months ago and are currently negotiating for new state of the art facilities of 51,000 sq.ft. This new facility equates to approximately 12 times the size of our current facility and allows for maximum managerial efficiency through continued operations of our growing subsidiaries under one roof."
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.
Commenting on the printing plant acquisition, Mr. Conradie stated, "We are now able to reduce our printing costs substantially and offer the capabilities of full service printing to third parties turning this into an additional profit center. As an added bonus to Nutek shareholders, we will offer them significant discounts on all their commercial and personal printing needs."
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