Outlook Resources Inc.

Outlook Resources Inc.

August 19, 2010 10:29 ET

Outlook Resources Updates Status of Letter of Intent With Tropicana Manufacturing Company and Announces Company Reorganization

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2010) - Outlook Resources Inc. ("Outlook" or the "Company")(TSX VENTURE:OLR) wishes to announce that, further to its press releases of March 19, 2010 and April 26, 2010, the Company has been advised by PepsiCo, and its subsidiary, Tropicana Manufacturing Company, that they have determined not to pursue a definitive agreement with Outlook at this time.

In light of the issues that a weak balance sheet causes when pursuing relationships with large partners and customers, Outlook is pursuing a reorganization of the Company including a review of its businesses, operations, and management, details of which will be tabled at an upcoming meeting of shareholders currently scheduled for September 30, 2010. At this meeting, the Company will be seeking approval to consolidate its outstanding common shares on the basis of up to 20 existing common shares for 1 post-consolidated common share, changing the name of the Company and settling debts of the Company for post-consolidated common shares to facilitate securing capital.

Outlook's opportunity has not been diminished as the Company's technology represents a powerful tool for supporting the carbon reduction initiatives of large agriculture companies. Outlook will continue its dialogue with global 500 agriculture producers with which it has established relationships. Outlook was diligently working around the limitations of its balance sheet, but does not meet the financial criteria of large companies. If the Company satisfies these balance sheet hurdles, the financial barriers for formal engagement are removed.

About Outlook Resources

Outlook Resources Inc. has a technology for the production of low-carbon fertilizers from renewable sources by blending locally-sourced renewable raw materials with biologicals and enzymes in a proprietary process. Outlook is headquartered in Toronto. For more information, please visit www.outlookresources.com.

The Company currently has 207,309,197 common shares issued and outstanding.

Investors are cautioned that this announcement includes forward-looking statements that are subject to risks and uncertainties that include (but are not limited to) the non-binding nature of the letter of intent and the successful completion of all activities required to effect the business relationship. The forward-looking statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for the Company's products, the availability of funding, and the anticipated costs of construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances, except as required by law. Actual events or results could differ materially from the expectations and projections.

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.

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