Newlook Industries Corp.

Newlook Industries Corp.

June 01, 2009 10:23 ET

Newlook Industries Corp. Bi-Weekly Default Status Report

TORONTO, ONTARIO--(Marketwire - June 1, 2009) - Newlook Industries Corp. (TSX VENTURE:NLI) ("Newlook" or the "Corporation") previously announced in news releases dated May 1 and May 14, 2009 (the "News Releases") that their December 31, 2008 audited annual financial statements (the "Annual Financial Statements") would not be filed on time. As a result of the delay in filing the Annual Financial Statements within the prescribed time limits, the Corporation made an application to the Ontario Securities Commission for a Management Cease Trade Order to be imposed as prescribed under National Policy 12-203 ("NP 12-203") with respect to the late filing. Newlook's failure to file its Annual Financial Statements within the prescribed period of time was due to two subsidiaries of the Corporation being placed into receivership by a secured creditor on January 9, 2009. The court appointed receiver manager of the subsidiaries obtained court approval for the sale of all of the assets on April 28, 2009. The receiver manager also obtained leave from the court on May 14, 2009 to assign the subsidiaries into bankruptcy. The Corporation is unable to complete the audit of the year end December 31, 2008 financial statements without confirmation that the sale transaction has closed and the uncertainty associated with the legal insolvency status of the subsidiaries. The receiver manager has communicated to the Corporation that the sale transaction will close within 30 days of approval and that his intention is to assign the subsidiaries in bankruptcy quickly. Newlook presently expects to file its Annual Financial Statements or provide further notice on or before June 15, 2009.

The period of time between court approval on April 28, 2009 and filing deadline for the financial statements on April 30, 2009 was insufficient to consider all accounting and GAAP implications to the year end December 31, 2008 financial statements.

Further to the News Release which can be viewed at, in accordance with NP 12-203, the Corporation confirms that:

- the date on which it is anticipated that the Annual Financial Statements will be filed has been changed from May 31, 2009 to June 15, 2009. This is the only material change in the information contained in the News Release.

- the Corporation's stated intentions as stated in the News Release have not changed other than the delay of the expected filing of the Annual Financial Statements which is expected to occur on or before June 15, 2009.

- there are no actual or anticipated defaults of financial statement filing requirements subsequent to that default disclosed in the News Release.

- there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.

As required by NP 12-203, the Corporation will continue to provide bi-weekly updates on the status of the failure to file the Annual Financial Statements until they have been filed. A CTO may be imposed sooner if the Corporation fails to provide bi-weekly updates.

On Behalf of the Board of Directors,

John G. Simmonds, Chief Executive Officer

About Newlook Industries Corp.

Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 477-5656 or refer to

The management of the company, who take full responsibility for its content, prepared this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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.

Contact Information

  • Newlook Industries Corp.
    John G. Simmonds
    Chief Executive Officer
    (416) 477-5656 x301