Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

November 18, 2009 17:07 ET

Newlook Provides Update on Wireless Age Discussions

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) and its majority-owned subsidiary Wireless Age Communications, Inc. ("Wireless Age") (PINK SHEETS:WLSA) confirmed today they plan to complete a transaction whereby the ownership interest between Newlook and Wireless Age is severed and the intercompany debt between the parties is settled.

On July 13, 2009, Newlook and Wireless Age announced that they were negotiating the terms of a debt settlement. Although specific details of the proposed transaction are not yet fully settled, the companies intend to settle debt of approximately $6,300,000 owing by Newlook to Wireless Age through Newlook's transfer of certain assets, issuance of treasury common stock, return for cancellation of a part of Newlook's investment in Wireless Age, payment of cash and loan forgiveness for the balance.

John G. Simmonds, CEO of Newlook stated, "Our debt settlement plans were delayed by Wireless Age's negotiations with the receiver and trustee of its former operating subsidiaries, Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. That hurdle was cleared recently and we now feel we are in a position to finally consummate the proposed transaction."

The settlement transaction will be subject to independent director, disinterested shareholder and regulatory approvals. Newlook intends to call a special shareholders' meeting in the near future in order to seek approval for the transaction as well as a proposed renewable energy strategy for the Company.

Mr. Simmonds added, "The debt settlement with Wireless Age is a key component in an overall corporate re-organization that Newlook is currently working toward. Upon completion, we feel that the Company will be well-positioned to embark on new projects currently being considered."

Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (905) 833-9845 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) 833-9845 ext. 1