TORONTO, ONTARIO, August 1, 2008 - Newlook Industries Corp. (TSX Venture Exchange: NLI), ("Newlook" or the "Company") announces its intention to make a normal course issuer bid in accordance with the rules and policies of the TSX Venture Exchange, subject to regulatory approval. The Company plans to repurchase up to 1,000,000 of its common shares, representing approximately 3.4% of the public float of the Company. Purchases will be made by open market transactions through the facilities of the TSX Venture Exchange and all shares purchased by the Company will be returned to treasury and cancelled.

Over the course of the planned issuer bid, Newlook's common shares may become available for purchase at prices that make them an attractive investment and an appropriate use of corporate funds. Newlook anticipates that the repurchase of its common shares will benefit shareholders by increasing their equity interest in the Company's assets. Newlook has not purchased any of its common shares during the preceding 12 months pursuant to a normal course issuer bid.

At present, Newlook has 29,558,432 common shares outstanding. Pursuant to TSX Venture Exchange policies, the share repurchases will not, when aggregated with the total of all other purchases in the preceding 30 days exceed 2% of the total issued and outstanding common shares at the time the purchases are made. Over a 12-month period beginning on the date specified in the notice of the bid, the repurchases will not exceed the greater of 10% of the public float and 5% of the issued and outstanding common shares. The issuer bid may end earlier if the number of shares sought has been obtained. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so. The Company will engage Raymond James to conduct the bid on the Company's behalf.

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