News
NEWLOOK CLOSES CLEANTECH ENERGY TRANSACTIONS
TORONTO, ONTARIO, October 27, 2008 - Newlook Industries Corp. ("Newlook") (TSXV: NLI) is pleased to announce that it has entered into a series of agreements to invest in cleantech energy opportunities, as previously indicated in a press release issued on October 7, 2008. The TSX Venture Exchange has accepted for filing documentation pertaining to a subscription agreement between Newlook and PowerPlay Energy Corp. (“PowerPlay”) and an agreement between Newlook and Sunbay Port Hope Inc. (“Sunbay”). Newlook will not be issuing any securities for these transactions.
Pursuant to the PowerPlay subscription agreement, Newlook will invest $250,000 in a current financing to subscribe for 250,000 shares at a deemed value of $1.00 per PowerPlay share, representing a 5.4% interest in PowerPlay. Newlook has also agreed to acquire an additional 300,000 shares from PowerPlay's affiliates at a deemed value of $0.50 per share, representing an additional 6.5% interest in PowerPlay, by making a cash payment of $150,000.
Furthermore, Newlook will hold two options to acquire additional PowerPlay shares: i) 200,000 shares from PowerPlay's affiliates at a deemed value of $1.00 per share, representing an additional 6.5% interest in PowerPlay; and ii) 100,000 shares from PowerPlay's affiliates at a deemed value of $0.15 per share, representing an additional 2.2% interest in PowerPlay. Through these transactions, Newlook may hold up to an 18.4% stake in PowerPlay.
Pursuant to the Sunbay agreement, Newlook shall loan Sunbay a principal amount of $1.0 million. The loan matures September 30, 2011, and bears interest at the rate of 12% per year. Sunbay is a wholly-owned subsidiary of Sunbay Energy Corp., which is a majority-owned subsidiary of PowerPlay Energy Corp. In exchange for providing the Sunbay loan, Newlook will be issued 100,000 common shares of Sunbay. As a result, Newlook will hold a 9.09% interest in Sunbay.
About PowerPlay Energy Corp.
PowerPlay Energy was established to develop cleantech solutions, with a distinct focus on projects employing energy-from-waste tools and technology—specifically plasma gasification. PowerPlay is positioned as an originator/incubator, identifying project opportunities, getting involved at inception, providing funding, sharing management and technical expertise. The result: a family of cleantech companies and projects helping to recover energy from waste and change the way the world looks at garbage.
About Newlook Industries Corp.
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.
John G. Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656 x301
