Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

August 11, 2009 09:28 ET

Newlook to Acquire Rights to Canadian Renewable Energy Projects

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2009) - Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) is pleased to announce it has entered into a letter of intent with PowerPlay Energy Corp. ("PowerPlay") and its subsidiary, Sunbay Energy Corp. for the exclusive and irrevocable right to participate in any of their pending or future plasma gasification and renewable energy projects or proposals within Canada, excluding the current project underway in Port Hope, Ontario.

The transaction is anticipated to close by August 31, 2009, subject to regulatory approvals. The agreement supersedes an earlier transaction contemplated between Newlook and Sunbay announced on March 24, 2009 and May 6, 2009, that has not closed.

Through its subsidiary Sunbay, PowerPlay is a renewable energy developer specializing in gasification projects, and possesses the intellectual property rights, contracts and licenses necessary for the development of plasma gasification and renewable energy projects. Additionally, Sunbay has entered into an exclusive developer agreement for Canada with a world-renowned original equipment manufacturer of plasma torches, as well as a designer and operator of plasma gasification facilities.

PowerPlay and Sunbay have agreed to cooperate with Newlook in the development of gasification projects or proposals. In turn, Newlook agrees to enter into a standard consulting agreement with PowerPlay and/or Sunbay for project development and management compensation that will contain general remuneration terms. Newlook has also agreed to arrange required seed financing on a best efforts basis and to issue PowerPlay or Sunbay a 20% carried interest of its stake in each renewable energy project it elects to participate in.

Newlook will not issue any securities for this transaction and confirms that no finder's fee will be paid. Additionally, Newlook confirms that there is no relationship in this transaction involving any non-arms length party and Newlook, its insiders and PowerPlay or Sunbay other than a director of a Newlook insider is also a director and officer of PowerPlay and Sunbay. Upon closing of this transaction, Newlook's investments will be its 55%-stake in Wireless Age Communications, Inc., wholly-owned Grandvue Inc. and wholly-owned Onlinetel Corp.

John G. Simmonds, CEO of Newlook stated, "We are eager to start working together with Sunbay on current renewable energy projects and look forward to future opportunities across Canada."

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