NEWLOOK IMPLEMENTS ENHANCED CREDIT FACILITY
TORONTO, ONTARIO, August 6, 2008 - Newlook Industries Corp. (TSX Venture: NLI), ("Newlook" or the "Company") is pleased to announce that it has augmented its existing operating line of credit by $1,300,000 and entered into a new credit facility for $2,500,000 to be used for acquisitions with its senior lender. There are no derivative securities or dilution to equity shareholders as a result of the additional debt facilities.
Newlook believes the pre-approved credit facility considerably improves the Company's flexibility and timeliness in its ability to structure acquisitions. The Company regularly assesses acquisition opportunities and evaluates them on their strategic merit and capacity to be accretive to earnings and enhance shareholder value.
John G. Simmonds, Newlook CEO commented, "The increase to our credit facility will help to further the growth of our intrinsic businesses. Additionally, we now have a supplementary acquisition facility of $2,500,000 that will allow us flexibility in evaluating the several interesting projects we have in the works, as well as looking at new business opportunities. We will continue to exercise patience in this regard as our prime focus for acquisitions will be in industries that provide significant growth and long term profitability."
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
