Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

February 17, 2009 09:57 ET

Newlook Sells Forest City Subsidiary

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2009) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) announces that it has sold the business of its wholly-owned subsidiary, Forest City Communications Ltd. ("Forest City").

The property and assets of Forest City were sold for consideration of $160,000 in cash. Forest City's business consists of the sales, service and rental of two-way radio equipment and sale of airtime services. Newlook's investments at the present are its 55%-stake in Wireless Age Communications, Inc., wholly-owned Grandvue Inc. and Onlinetel Corp. ("Onlinetel").

Newlook also announces that it has moved its corporate jurisdiction from British Columbia to Ontario.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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