Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

August 12, 2009 10:45 ET

Newlook Majority Owned Subsidiary Wireless Age to Acquire Interest in Renewable Energy Projects

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2009) - Newlook Industries Corp. (TSX VENTURE:NLI), ("Newlook" or "the Company") announced today that its majority owned subsidiary Wireless Age Communications, Inc. (WLSA.PK) has entered into a definitive agreement with PowerPlay Energy Corp. ("PowerPlay") and Sunbay Energy Corp. ("Sunbay") to acquire a 60% interest in a newly formed entity that will hold all of the assets and liabilities of a development stage plasma gasification project proposed to be built in Port Hope, Ontario, Canada and the exclusive rights to participate in plasma gasification projects in the United States of America.

Through its subsidiary Sunbay, PowerPlay is a renewable energy developer specializing in gasification projects, and possesses the intellectual property rights, contracts and licenses necessary for the development of plasma gasification and renewable energy projects. Additionally, Sunbay has entered into an exclusive developer agreement with a world-renowned original equipment manufacturer of plasma torches, as well as a designer and operator of plasma gasification facilities.

Formal closing is subject to various conditions precedent, including drafting certain ancillary legal agreements, regulatory and board of directors' approval.

Pursuant to the agreement Wireless Age has agreed to pay the following consideration: two million five hundred thousand (2,500,000) Newlook common shares which Wireless Age currently holds as an investment, one hundred seventy seven thousand dollars ($177,000) and a one million two hundred fifty thousand dollar ($1,250,000) senior secured debenture. The debenture pays interest at 8% per annum, will mature one year from the date of closing and may be fully repaid by Wireless Age at any time with the delivery of five million (5,000,000) Newlook common shares. The debenture will be secured by a general security agreement over all of the assets of Wireless Age including the intellectual property rights of the Port Hope project and Wireless Age's interest in future USA projects. As part of the transaction Wireless Age intends to complete a name change to better reflect the future direction of the company.

Newlook confirms that there is no relationship in this transaction involving any non-arms length party and the Company, its insiders and PowerPlay or Sunbay other than a director of a Newlook insider is also a director and officer of PowerPlay and Sunbay.

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 www.sedar.com.

The management of the company, who take full responsibility for its content, prepared this press release. 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. 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