News
NEWLOOK ANNOUNCES OCTOBER REVENUES
TORONTO, ONTARIO, November 4, 2008 - Newlook Industries Corp. (TSX Venture Exchange: NLI), ("Newlook") is pleased to announce unaudited consolidated revenues from continuing operations for October 2008 were approximately $2,294,000, representing year-over-year revenue growth of 17%.
Retail segment revenues increased by 12% from approximately $1,782,000 in October 2007 to approximately $1,996,000 in 2008. Commercial segment revenues, after adjusting for discontinued prepaid card revenues in the prior year, grew by 61% from approximately $185,000 in October 2007 to approximately $298,000 in October 2008.
John G. Simmonds, Newlook CEO stated; "While the financial markets’ decline made all the media headlines in October, we managed to grow our continuing businesses by 17%. October is the first month following the termination of the prepaid card distribution business. Although revenues will be lower going forward, we anticipate that our margins will improve rather than continue to decline as we’ve recently reported, as a result of the discontinuation of the fast-growing, low-margin prepaid card business. I believe the financial markets will now be better able to assess our long-term profitability. During October, we acquired 82,500 shares of our own stock under the normal course issuer bid at an average price of $0.55. Our majority-owned subsidiary, Wireless Age Communications, Inc., acquired 231,100 shares of its own common stock for cancellation and year-to-date it has acquired 1,594,050 shares at an average price of approximately US$0.28 per share."
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
