News
NEWLOOK’S WIRELESS AGE SUBSIDIARIES FORCED INTO RECEIVERSHIP BY SASKTEL
TORONTO, ONTARIO, January 12, 2009 - Newlook Industries Corp. (TSX Venture Exchange: NLI), (the "Company") today announced that on Friday January 9, 2009, Saskatchewan Telecommunications ("SaskTel") served the Company’s majority owned subsidiary Wireless Age Communications Inc.’s ("Wireless Age") subsidiaries Wireless Age Communications Ltd. ("Wireless Ltd.") and Wireless Source Distribution Ltd. ("Wireless Source") a Notice of Intention to Enforce Security under the Bankruptcy and Insolvency Act, and also obtained and served on Wireless Age’s subsidiaries a Court Order obtained without prior notice to the Company or its subsidiaries (the "Order") that orders the immediately appointment of an Interim Receiver.
As previously announced by the Company on October 29, 2008, SaskTel obtained a security interest in the assets of Wireless Ltd. and Wireless Source by entering into a Repayment Agreement with the Company, Wireless Ltd. and Wireless Source.
Under the terms of the Order, Wireless Age has a ten day period within which to respond to the receivership appointment. Wireless Age intends to vigorously oppose the Order, and to seek other remedies against SaskTel, as Wireless Age believes, among other things, that SaskTel obtained the Order without disclosing all pertinent facts to the Court.
John G. Simmonds, Newlook CEO stated; "We were recently in discussions with SaskTel and are shocked by their actions. We believe that Wireless Age has suffered significant damages as a result."
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
