Newlook subsidiary Wireless Age releases First Quarter Results
Toronto, May 15, 2008 - Newlook Industries Corp. (TSXV: NLI) ("Newlook") is pleased to announce that its majority-owned subsidiary, Wireless Age Communications, Inc. (OTCBB: WLSA), ("Wireless Age") reported its financial performance for the first quarter, ended March 31, 2008.
Wireless Age reported net income of $624,786 ($0.011 per share) for the quarter ended March 31, 2008 compared to a loss of $1,180,824 ($0.037 per share) for the comparative period in 2007. Consolidated sales for the quarter increased by 62% to $9,623,123 from $5,941,668 in the prior year. Retail segment sales were $5,164,176 up from $3,261,290 for the first quarter of 2007, representing an increase of 58%. Commercial segment sales posted a 66% increase for the quarter to $4,458,947 from $2,680,378 in the previous year.
Newlook CEO, John G. Simmonds commented, "We continue to be pleased with our subsidiary's financial performance. Wireless Age's 2008 outlook remains bright and the unusually strong results for the first quarter are very encouraging. Wireless Age is currently well ahead of budget and at this point sees no slowing down in its markets despite overall North American economic concerns."
Newlook holds a 55% ownership stake in Wireless Age, and accordingly consolidates Wireless Age results for accounting purposes.
Simmonds added, "As a parent company, Newlook intends to build upon Wireless Age's robust fundamentals by evaluating opportunities to enhance its value. To this end, we expect to make a number of acquisitions during the remainder of the year."
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 G. Simmonds
Chief Executive Officer
Newlook Industries Corp
Telephone: (416) 477-5656 x301
