News
NEWLOOK ANNOUNCES NOVEMBER REVENUES AND RETIREMENT OF DEBT
TORONTO, ONTARIO, December 2, 2008 - Newlook Industries Corp. ("Newlook" or the "Company") (TSX Venture Exchange: NLI), today announced that unaudited consolidated revenues from continuing operations for November 2008 were approximately $2,154,000. November consolidated year-to-date revenues from continuing operations of $23,408,000 representing an increase of 25% year-over-year.
Retail segment revenues for November 2008 were $1,985,000. Commercial segment revenues in the same month, after adjusting for discontinued prepaid card revenues in the prior year, totalled $169,000. Year-to-date retail segment revenues of $20,385,000 have grown 24% over the previous year, while year-to-date commercial segment revenues from continuing operations have increased by 30% to $3,023,000.
The Company is also pleased to announce that all indebtedness owed to its senior secured asset based lender has been repaid.
As previously announced on October 29, 2008, the Company and Wireless Age Communications, Inc. ("Wireless Age", the Company’s majority owned subsidiary) entered into an agreement with Wireless Age’s Saskatchewan cellular network services provider, pursuant to which amounts owed by the network services provider to Wireless Age’s subsidiary Wireless Age Communications Ltd. would be transferred directly to the senior secured asset-based lender when the amount accrued equaled its indebtedness.
On November 26, 2008, the network service provider transferred CAD$2,524,986 to the asset-based lender on behalf of Newlook and Wireless Age as full and complete satisfaction of all amounts owed by the parties to the lender. As part of the transaction, the network services provider received a first charge security position in the assets of the Wireless Age’s subsidiaries Wireless Age Communications Ltd. and Wireless Source Distribution Ltd.
John G. Simmonds, Newlook CEO stated, "Although Newlook remains indebted to Wireless Age, we believe the consummation of the agreement is in the best interests of the group of companies as a whole." He added, "We acquired 19,000 shares of our own common stock in the month under the normal course issuer bid and year-to-date we have now acquired 195,000 shares at an average price of $0.58 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
