News

NEWLOOK UPDATES STOCK OPTIONS

TORONTO, ONTARIO, September 30, 2008 – Newlook Industries Corp. (TSX Venture: NLI), (“Newlook” or the “Company”) announces that the TSX Venture Exchange (the “Exchange”) has accepted for filing the Company’s request to increase the options reserved for issuance under the Company’s Stock Option Plan.

The current Stock Option Plan was approved at the Annual and Special Meeting (“the Meeting”) held on March 4, 2004. Upon receiving shareholder approval at the Meeting for an increase of 4,000,000 options to the maximum authorized number of options, Newlook requested and received approval from the Exchange for 2,000,000 options at that time. The Company has recently requested an increase to the number of shares reserved under its Stock Option Plan and the Exchange has accepted for filing a current total of 3,927,272 shares for issuance.

This month, the Exchange completed a compliance and disclosure review of Newlook’s Stock Option Plan. In accordance with the conditions of Newlook’s Stock Option Plan and the Exchange’s policies governing stock options, 1,125,000 have been forfeited by previous option-holders who cease to be engaged with the Company. Newlook presently has 3,285,000 options issued under its Stock Option Plan.

Additionally, Newlook wishes to report that Allen Cowie, having been a non-independent Director of the Company (due to being an officer of the Company’s Wireless Age subsidiaries), has resigned in order to improve the overall independence of the Board.

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