Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

April 05, 2010 15:41 ET

Newlook Announces Settlement With Wireless Age

TORONTO, ONTARIO--(Marketwire - April 5, 2010) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) today announced that as part of an overall restructuring, the Company has agreed to the terms of a debt settlement agreement (the "Settlement Agreement") with its former subsidiary, Wireless Age Communications, Inc. ("Wireless Age") (PINK SHEETS:WLSA). As part of the Settlement Agreement, the Company intends to change its name, as Wireless Age plans to adopt a slight variation of Newlook's name.

As first announced on November 18, 2009, Newlook and Wireless Age had agreed on terms of debt settlement totaling approximately $6,300,000 between the two parties, subject to regulatory and corporate approvals. Pursuant to the terms of the proposed Settlement Agreement, Wireless Age would forgive a portion of the debt, provided sufficient cash was paid by Newlook to Wireless Age to comply with a debt settlement agreement with the trustee in receivership of its former subsidiaries. Recently announced negotiations by Wireless Age with the trustee have materialized into revised settlement terms for the remaining balance of $600,000 to be paid by Wireless Age by September 30, 2010.

Newlook also announces its intent to reduce its ownership in Wireless Age to approximately 20%, through the cancellation or transfer of shares to third parties in order to address anticipated transactional obligations in Wireless Age.

Wireless Age has continued its negotiations for exclusive rights to certain waste-to-energy technology and the rights to participate in Sunbay Energy plasma gasification projects in the United States. Furthermore, Wireless Age plans to own 20% of Sunbay Energy's Canadian projects as well as develop Sunbay projects in the United States. Wireless Age anticipates that the Sunbay opportunities in Canada and the United States will benefit from synergies with its recently announced transaction to create an American sales agency to market Canadian-built mobile waste handling equipment such as vehicles, bins, dumpsters and other waste-related metal products through exclusive marketing and sales rights for Fanotech Manufacturing Group ("Fanotech") products in the United States.

As Newlook intends to complete a private placement into Copernic, Inc. (NASDAQ:CNIC) as announced on February 12, 2010, as well as maintain a stake in Sunbay Energy and Fanotech through its existing ownership in Wireless Age, the Company is cancelling its Change of Business strategy announced on December 29, 2009.

The abovementioned transactions are subject to corporate and regulatory approvals.

Newlook Industries Corp., headquartered in King City, Ontario is a publicly traded company listed on the TSX Venture Exchange.

For more information please call (416) 833-3072 or refer to www.sedar.com.

The management of the company, who take full responsibility for its content, prepared this press release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Newlook Industries Corp.
    John G. Simmonds
    Chief Executive Officer
    (905) 833-3072 x223