Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

August 17, 2009 12:59 ET

Newlook Closes Acquisition of Renewable Energy Project Rights

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2009) - Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) is pleased to announce it has executed an agreement with PowerPlay Energy Corp. for the irrevocable exclusive rights to participate in any pending or future plasma gasification and renewable energy projects or proposals within Canada that PowerPlay Energy Corp. or its subsidiaries or affiliates ("PowerPlay") will become involved in, except the current project underway in Port Hope, Ontario (the "Agreement").

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.

The rights granted include all contracts, licenses and agreements to which PowerPlay is at any time a party to, including any power generation projects arising from an exclusive developer agreement for Canada with a world-renowned original equipment manufacturer of plasma torches and operator of plasma gasification facilities (the "Developer Agreement").

Simultaneously with the execution of the Agreement, Newlook and PowerPlay have entered into a management service agreement, wherein Newlook shall pay cash compensation and success bonuses for the consulting and administrative services of PowerPlay, which have agreed to cooperate with Newlook in the development of gasification projects or proposals.

Newlook has agreed to provide PowerPlay a twenty percent (20%) interest in Newlook's equity interest in each project Newlook elects to participate pursuant to the rights granted. Additionally, Newlook has agreed to additional compensation, on a case-by-case basis, with defined equity participation for any project that Newlook wishes to utilize engineering, design and project financing through the Developer Agreement.

The transaction was previously announced on August 10, 2009 and supercedes an earlier transaction contemplated between Newlook and PowerPlay announced on March 24, 2009 and May 6, 2009, that has not closed. The transaction is subject to regulatory approval.

Newlook will not issue any securities for this transaction and confirms that no finder's fee will be paid. Furthermore, Newlook confirms that there is no relationship in this transaction involving any non-arms length party and Newlook, its insiders and PowerPlay other than a director of a Newlook insider is also a director and officer of PowerPlay. Other than investments made relating to the abovementioned transaction, Newlook's current investments are its 55%-stake in Wireless Age Communications, Inc., wholly-owned Grandvue Inc. and wholly-owned Onlinetel 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 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