Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

April 28, 2010 15:14 ET

Newlook Anticipates Delay in Filing Annual Financial Statements

TORONTO, ONTARIO--(Marketwire - April 28, 2010) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) announces that it anticipates to be late in filing its annual financial statements and management, discussion and analysis (MD&A) for the year ending December 31, 2009 on or before the prescribed deadline of April 30, 2010. 

The Company has made an application with the applicable securities regulators under National Policy 12-203 ("NP 12-203") requesting that a management cease trade order be imposed in respect of this late filing rather than an issuer cease trade order, but there is no assurance that it will be granted.

Newlook has been unable to complete the required filings within the prescribed time. Newlook has accepted the resignations of Gary Hokkanen, Chief Financial Officer, and Jason Moretto, President and Director, effective immediately. However, Mr. Moretto has agreed to assist the Company as an independent contractor as it diligently works to expedite the required filings by the targeted completion date. As a result of these and certain changes in its internal accounting staff and processes, the Company requires additional time for the completion of its annual financial statements, MD&A and audit.

Newlook fully expects to file its financial statements and MD&A for the year ending December 31, 2009 on or prior to June 30, 2010. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements to file its financial statements and MD&A within the prescribed period of time. Newlook is not subject to any insolvency proceedings at the present time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

Newlook Industries Corp., headquartered in King City, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (905) 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