Outlook Resources Inc.

Outlook Resources Inc.

October 06, 2010 16:33 ET

Outlook Resources Announces Rescheduling of Annual Meeting and Resumption of Trading

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2010) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) wishes to announce that its Annual General and Special Meeting (the "Meeting") slated for September 30, 2010 has been rescheduled for November 30, 2010. A notice of meeting and record date to this effect had been filed on SEDAR on October 4, 2010. The Company was unable to proceed with the previous schedule for the Meeting after the Company had been advised by PepsiCo, and its subsidiary, Tropicana Manufacturing Company, that they had determined not to pursue a definitive agreement with Outlook as set out in the Company's Press Release of August 19, 2010, and the Company was unable to resolve certain outstanding issues with creditors.

As the Company was already in default of the TSX Venture Exchange (the "Exchange") policies regarding the holding of Meetings, the Exchange halted trading in the Company's stock effective August 30, 2010 upon being advised by the Company of its inability to hold a meeting on September 30, 2010, and based on the Company's previous record of not holding timely Annual meetings (see Company press release dated January 5/09).

With the rescheduling of the Meeting, the Exchange has advised the Company that its shares will be resumed trading effective the open on Friday, October 8, 2010, however, should the Meeting not occur on or before November 30, 2010 the shares of the Company may be halted from trading without further notice.

The Company is negotiating with creditors to resolve its balance sheet problems. As previously announced, the Company will be seeking shareholder approval to consolidate its outstanding capital as part of a reorganization of the Company.

Outlook's opportunity has not been diminished as the Company's technology represents a powerful tool for supporting the carbon reduction initiatives of large agriculture companies. Outlook will continue its dialogue with global 500 agriculture producers with which it has established relationships. If the Company satisfies its balance sheet hurdles, the financial barriers for formal engagement are removed.

About Outlook Resources

Outlook Resources Inc. has a technology for the production of low-carbon fertilizers from renewable sources by blending locally-sourced renewable raw materials with biologicals and enzymes in a proprietary process. Outlook is headquartered in Toronto. For more information, please visit www.outlookresources.com

The Company currently has 207,309,197 common shares issued and outstanding.

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.

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