Outlook Resources Inc.
TSX VENTURE : OLR

Outlook Resources Inc.

March 27, 2009 11:16 ET

Outlook Announces Default in Filing Financial Statements and Management Cease Trade Order

TORONTO, ONTARIO--(Marketwire - March 27, 2009) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to advise that it will be late filing its audited financial statements and MD&A for the year ended November 30, 2008.

Pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (the "Policy") the Company advises that it will therefore be in default of filing its audited financial statements and MD&A for the year ended November 30, 2008 (the "Financial Disclosure") which were to be filed on or before March 30, 2009 pursuant to relevant securities laws.

The delay in filing the year end statements and the resulting default are due to the following reasons:

1. Due primarily to a lack of available funding, Outlook's President has been consumed with the expansion, upgrade and operation of the Company's fish farm in Manitoba. In addition the President has been dealing with a number of staffing issues since October 2008 that have required him (the President) to perform all tasks from bookkeeping and accounting to processing fish for weekly orders while also trying to organize and raise capital; and

2. the Company has been trying to raise funding to provide much needed working capital and to pay the auditor to perform the audit but was unable to do so before the financial statements were finalized.

To correct this situation the Company recently retained a new accountant to prepare the financial statements for review by the auditor and the auditor has now been provided with funds to perform the audit.

The Company has made an application to be granted a Management Cease Trade Order under the Policy to be imposed against some or all of the persons who have been directors, officers or insiders of the Company instead of a cease trade order being imposed against all securities of the Company. Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Financial Disclosure on SEDAR.

The Company is working with its auditors to complete the audit of the Company's financial statements for the year ended November 30, 2008 as soon as possible and anticipates filing such financial statements and related MD&A by April 15, 2009 on SEDAR. Until the Financial Disclosure is filed, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.

The Company is not subject to any insolvency proceeding and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Should the Company fail to SEDAR file the Financial Disclosure on or before May 30, 2009, the OSC will impose a cease trade order that all trading in securities of the Company cease for such period specified in the OSC order.

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for the Company's products, the availability of funding, and the anticipated costs of construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances, except as required by law. Actual events or results could differ materially from the expectations and projections.

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

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