Newlook Industries Corp.
CNSX : NLI

Newlook Industries Corp.

October 27, 2011 09:17 ET

Newlook Industries Finalizes Settlement Agreement With Wireless Age Communications, Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - Newlook Industries Corp., ("Newlook") (CNSX:NLI) announced today that Wireless Age Communications, Inc. has completed the Settlement Agreement (the "Settlement Agreement") with the receiver and trustee in bankruptcy (the "Trustee") of its former subsidiaries, Wireless Age Communications Ltd. ("Wireless Communications") and Wireless Source Distribution Ltd. ("Wireless Source").

On January 9, 2009, the date the Wireless Age subsidiaries were placed into receivership, Wireless Communications and Wireless Source had provided unsecured loans to Wireless Age, their direct parent company totaling CAD$8.3 million. Also as of January 9, 2009, Wireless Age had provided a secured loan to Newlook totaling CAD$6.2 million. The Company has recorded a special loss provision to the full extent of the loans provided by the subsidiaries to Wireless Age. Wireless Age entered into the Settlement Agreement with the Trustee on October 2, 2009, pursuant to which Wireless Age agreed to pay Wireless Communications and Wireless Source a total of $750,000 to settle the outstanding debts.

The Settlement Agreement has now been completed and third quarter results, due to be released in November, will reflect the gain of over $5 million associated with no longer having to account for the special charge loss provision and for the final settlement of the intercompany loan between the Wireless Age and Newlook.

John G. Simmonds, CEO of Newlook stated; "I'm extremely pleased with the finalization of this agreement. It allows the Company to move forward with its current business model and pursue exciting new opportunities".

The business of Newlook Industries is restricted to the manufacturing and deployment of Waste Retrieval and Transportation Equipment from the curb side collection and large bin containers of residential and commercial waste to that point wherein it is disposed of or treated for the purpose of converting waste to energy. The company is also engaged in providing services through the various stages of that process, and is actively involved in responding to Request For Proposals from many private companies and all levels of government.

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 www.sedar.com. The management of the company, who take full responsibility for its content, prepared this press release. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents 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
    (905) 833-3072 x223