Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

October 30, 2009 11:56 ET

Newlook Subsidiary Receives Approval for Settlement

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) announced that its majority-owned subsidiary Wireless Age Communications, Inc. ("Wireless Age") has received court approval to complete a settlement agreement with its former subsidiaries, Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. Details of the agreement may be found in the Company's press release of October 5, 2009.

Gary N. Hokkanen, Newlook CFO stated; "The completion of the Settlement Agreement prior to December 31, 2009 will substantially improve the Company's balance sheet by approximately $8.3 million. This is realized through the elimination of a special loss provision liability the Company had accrued during fiscal 2008."

John G. Simmonds, the Company's CEO added; "I am pleased that Wireless Age has received approval for its settlement, as Newlook may now proceed with finalizing its restructuring plans."

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. 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
    (416) 477-5656 x301