Newlook Industries Corp.
TSX VENTURE : NLI

Newlook Industries Corp.

February 23, 2009 14:00 ET

Newlook to Evaluate Clean Energy Collaboration

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) announces that it will evaluate a proposal to assist Sunbay Energy Corporation ("Sunbay") in the development of a clean energy project in Chapleau, Ontario. Sunbay is a private corporation organized to pursue a series of opportunities in plasma-enhanced gasification projects in Canada.

Pursuant to the terms of a Right of First Refusal Agreement signed between Newlook and Sunbay on October 6, 2008 and as previously announced on October 7, 2008, Newlook has a right to provide seed financing with respect to any new projects entered into by Sunbay. As such, Newlook has recently received an offer from Sunbay to collaborate in a proposed wood biomass energy project currently in the early stages of development. Newlook will explore the merits of this proposal to determine a course of action and extent of involvement. Newlook confirms that it is not bound to any conditions relating to Sunbay's Chapleau prospect at this time.

To date, Newlook has invested $225,000 as debt in a Sunbay subsidiary, Sunbay Port Hope Inc. Newlook has not made any additional investments in Sunbay or its parent, PowerPlay Energy Corp. ("PowerPlay"). Newlook currently holds no equity interest in either Sunbay or PowerPlay, nor has issued any securities to either company.

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