Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

May 06, 2009 15:51 ET

Newlook Receives Regulatory Approval for Chapleau Renewable Energy Project

TORONTO, ONTARIO--(Marketwire - May 6, 2009) - Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) is pleased to announce that it has received regulatory approval for the acquisition of a biomass renewable energy project in Chapleau, Ontario as previously indicated in a press release issued on March 24, 2009.

The TSX Venture Exchange has approved for filing documentation pertaining to the acquisition from Sunbay Energy Corporation ("Sunbay"), a subsidiary of Powerplay Energy Corp. ("Powerplay"), of 86% of all the issued and outstanding shares of Sunbay Chapleau Corp. ("Sunbay Chapleau"). Sunbay Chapleau is a specific purpose company that Sunbay Energy North Corp., a Powerplay subsidiary, has assigned all of its interests in the Chapleau project to. In exchange for the Sunbay Chapleau shares, Newlook provides the cancellation and forgiveness of a loan in the amount of $265,300 advanced by Newlook to another Powerplay subsidiary, Sunbay Port Hope Inc. ("Sunbay Port Hope"). M & L Waste Management Inc. ("M & L"), a local haulage firm, is to own a 10%-stake in Sunbay Chapleau, along with Brunswick House First Nation and Chapleau Ojibwe First Nation collectively, to own a 4%-stake.

Sunbay Chapleau is the lead developer of a renewable energy project in Chapleau, Ontario. The biomass feedstock is to be comprised primarily of rail ties and forestry slash piles. The processed feedstock is to be subsequently transformed into synthetic gas and ash, through purification with a high-temperature, non-combustion thermal gasification process.

Newlook is not issuing any securities for this transaction. Newlook confirms that no finder's fee will be paid for the transaction. Additionally, Newlook confirms that there is no relationship in this transaction involving any non-arms length party and Newlook, its insiders and the vendor other than a director of a Newlook insider is also a director and officer of Powerplay and Sunbay Port Hope. Upon closing of this transaction, Newlook's investments will be its 55%-stake in Wireless Age Communications, Inc., wholly-owned Grandvue Inc., wholly-owned Onlinetel Corp. and its 86%-stake in Sunbay Chapleau. The closing of the transaction is anticipated to take place on or before May 13, 2009.

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