News
MAR 14, 2008 -- Newlook to acquire Millennium Data Systems
Toronto - March 14, 2008 - Newlook Industries Corp. ("Newlook") (TSXV: NLI) is pleased to announce that it has signed a letter of intent to acquire Vertex Integrations Inc. ("Vertex") ("the "Transaction"), operating as 'Millennium Data Systems' ("Millennium").
Operating since 1994, Millennium Data Systems is a specialized Canadian IP network services organization. With a core focus on managed network solutions, Millennium owns and operates one of Southern Ontario's largest wireless IP networks. Millennium's fixed wireless network delivers managed data, video and voice-based services and applications to an array of clients including small-medium businesses, enterprise accounts and telecommunication companies. This wireless infrastructure provides an alternative connectivity medium to traditional "wire in the ground" networks. This allows for a reliable, cost effective, secure and stable platform, which is unaffected by extreme weather conditions such as rain and snow.
The Transaction will be completed by way of a share exchange agreement between Vertex's shareholders and Newlook. Newlook shall acquire 100% interest in all shares of Vertex in exchange for Newlook issuing common shares with a value of $7,500,000 to be determined by an average weighted trading price over the thirty five days prior to, one week before closing to the shareholders of Vertex. Newlook agrees that the minimum number of common shares issued to Vertex's shareholders will in no event be less than 7,500,000 common shares in Newlook. At closing, existing shareholder indebtedness of Vertex amounting to $609,360 will remain.
The escrow or hold period of the Newlook shares to be issued is to be negotiated and approved by the TSX Venture Exchange prior to closing. There is no finder's fee to be paid and the parties to the Transaction are dealing at arm's length. The Transaction is anticipated to close by April 30, 2008 and is subject to regulatory approvals.
Vertex had unaudited revenues in excess of $35 million in 2007. The Transaction is anticipated to be accretive to Newlook earnings and allows the company to expand its existing portfolio of telecommunication products and services. Going forward, Newlook anticipates further acquisitions to enhance its position in the telecommunication services industry.
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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.
For more information contact:
John Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
MAR 14, 2008 -- Newlook to acquire Millennium Data Systems
Toronto - March 14, 2008 - Newlook Industries Corp. ("Newlook") (TSXV: NLI) is pleased to announce that it has signed a letter of intent to acquire Vertex Integrations Inc. ("Vertex") ("the "Transaction"), operating as 'Millennium Data Systems' ("Millennium").
Operating since 1994, Millennium Data Systems is a specialized Canadian IP network services organization. With a core focus on managed network solutions, Millennium owns and operates one of Southern Ontario's largest wireless IP networks. Millennium's fixed wireless network delivers managed data, video and voice-based services and applications to an array of clients including small-medium businesses, enterprise accounts and telecommunication companies. This wireless infrastructure provides an alternative connectivity medium to traditional "wire in the ground" networks. This allows for a reliable, cost effective, secure and stable platform, which is unaffected by extreme weather conditions such as rain and snow.
The Transaction will be completed by way of a share exchange agreement between Vertex's shareholders and Newlook. Newlook shall acquire 100% interest in all shares of Vertex in exchange for Newlook issuing common shares with a value of $7,500,000 to be determined by an average weighted trading price over the thirty five days prior to, one week before closing to the shareholders of Vertex. Newlook agrees that the minimum number of common shares issued to Vertex's shareholders will in no event be less than 7,500,000 common shares in Newlook. At closing, existing shareholder indebtedness of Vertex amounting to $609,360 will remain.
The escrow or hold period of the Newlook shares to be issued is to be negotiated and approved by the TSX Venture Exchange prior to closing. There is no finder's fee to be paid and the parties to the Transaction are dealing at arm's length. The Transaction is anticipated to close by April 30, 2008 and is subject to regulatory approvals.
Vertex had unaudited revenues in excess of $35 million in 2007. The Transaction is anticipated to be accretive to Newlook earnings and allows the company to expand its existing portfolio of telecommunication products and services. Going forward, Newlook anticipates further acquisitions to enhance its position in the telecommunication services industry.
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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.
For more information contact:
John Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
