Global NuTech Schedules Acquisition of International Plant Services for December 30, 2011

HOUSTON, Dec. 19, 2011 /PRNewswire/ -- Global NuTech, Inc. (OTCBB:BOCL) announced today that the company's due diligence on the proposed acquisition of International Plant Services, Inc. (IPS) has been largely completed, and is satisfactory to close the transaction.  The parties have scheduled to complete the transaction on or before December 30, 2011.

Craig Crawford, who is President of IPS and also is a board member of Global NuTech, commented "We believe the acquisition of IPS by Global NuTech is an exceptional opportunity, both for Global shareholders and for the owners of IPS.  IPS believes that as a public company, we will be able to more swiftly execute our acquisition and expansion plans domestically and internationally in 2012 and beyond.  Management has confirmed that unaudited IPS Revenues through November, 2011 are over $26.5 million, and net income pre-tax of $1.9 million, as compared to $23.9 million in revenue and a pre-tax loss of $2.7 million for the full year in 2010.   We believe  that  2012 will  be a year of significant revenue expansion for our construction services in the energy space, including  refinery, chemical and power industrial sectors." 

About Global NuTech, Inc.

Global NuTech, Inc. (OTCBB: BOCL) has provided marketing and distribution for a variety of commercial and consumer products, including the Green Rhino line of cleaning products.   With the acquisition of IPS it is refocusing on providing premiere project management and construction services to the refinery, chemical, mining and power industries.

About International Plant Services

International Plant Services, LLC (IPS) was founded in 2003 to provide construction services and skilled industrial trades personnel to the energy sector in the United States and other countries.  Located in the greater Houston area, the heart of the Oil & Gas Industry, International Plant Services provides engineering/technical assistance and skilled craft support to its industrial clients in North America and is currently expanding throughout the world.

Precautionary and Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected."  You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a BOCL's disclosures or filings with the SEC.  You are further cautioned that penny stocks, like BOCL, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.

SOURCE Global NuTech, Inc.