Newlook Industries Corp.

Newlook Industries Corp.

May 02, 2011 17:46 ET

Newlook Fiscal 2010 Audit in Progress

TORONTO, ONTARIO--(Marketwire - May 2, 2011) - Newlook Industries Corp. ("Newlook" or the "Company) (CNSX:NLI) announces that it will be late in filing its annual financial statements and management, discussion and analysis (MD&A) for the year ending December 31, 2010.

The Company will make an application with the applicable securities regulators under National Policy 12-203 ("NP 12-203") requesting that a management cease trade order be imposed in respect of this late filing rather than an issuer cease trade order, but there is no assurance that it will be granted.

Newlook's auditors, Deloitte LLP are currently completing their field work and require additional time to complete their processes. As a result, the Company intends to file its annual audited financial statements and MD&A in the near future, before May 15, 2011.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases as long as it remains in default of the filing requirements to file its financial statements and MD&A within the prescribed period of time. Newlook is not subject to any insolvency proceedings at the present time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

Newlook Industries Corp., headquartered in King City, Ontario is a publicly-traded company listed on the Canadian National Stock Exchange (CNSX). For more information please refer to 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.

The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.

Contact Information

  • Newlook Industries Corp.
    Michael E. Duffy
    Chief Administrative Officer
    (905) 833-3072 x225