Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

July 13, 2009 10:12 ET

Newlook in Debt Repayment Discussions

TORONTO, ONTARIO--(Marketwire - July 13, 2009) - Newlook Industries Corp. (TSX VENTURE:NLI), ("Newlook") and its majority-owned subsidiary Wireless Age Communications, Inc. (PINK SHEETS:WLSA) ("Wireless Age") announced today they are in discussions with respect to the terms and conditions of debt repayment between the two parties.

Pursuant to the discussions, Newlook will transfer approximately 30 million common shares of Wireless Age and 2 million common shares of Newlook to Wireless Age in exchange for debt reduction, subject to regulatory approval. Such shares of Wireless Age will be returned to treasury by Wireless Age.

In a related transaction, Newlook has agreed to transfer all of the issued and outstanding common shares of its wholly-owned subsidiary Grandvue Inc. ("Grandvue") and its interest in an 18% secured convertible promissory note issued by Function Mobile Inc. to Gamecorp Ltd. (CNSX:GGG) ("Gamecorp"), a related party, in exchange for 2 million Newlook common shares held by Gamecorp. Gamecorp is a related party due to its ownership of approximately 18% of Newlook and certain common officers and directors. Grandvue has provided equipment lease financing to IAG Peru S.A.C., a related party to Newlook, Gamecorp and Wireless Age, by virtue of common officers and directors with its parent InterAmerican Gaming, Inc. (OTCBB:IAGM).

The terms and conditions of the debt reduction have not been finalized at this time; however, the final terms and conditions must be approved by disinterested directors of Newlook and Wireless Age. The transaction is also subject to regulatory approval and the approval of the full Newlook and Wireless Age boards of directors.

John G. Simmonds, CEO of Newlook stated; "We believe it is in the best interests of all concerned to dispose of Newlook's ownership interest in Wireless Age. Newlook will return to Wireless Age all remaining shares in Wireless Age and the two million Newlook shares obtained in the Gamecorp transaction for a reduction in the debt amount owed by Newlook to Wireless Age. Following this proposed transaction there will likely remain a residual debt balance that we hope to resolve on a mutually satisfactory basis shortly."

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. 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. 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.

Contact Information

  • Newlook Industries Corp.
    John G. Simmonds
    Chief Executive Officer
    (416) 477-5656 x301