Newlook Industries Corporation

News

NEWLOOK RELEASES SUPPLEMENTAL INFORMATION ON SUBSIDIARY RECEIVERSHIP

TORONTO, ONTARIO, January 20, 2009 - Newlook Industries Corp. ("Newlook") (TSXV: NLI) announces that the TSX Venture Exchange has requested the following supplemental information be released to clarify the matters set out in Newlook’s January 12, 2009 news release.

This news release contains a summary of the historical operations conducted by Newlook as well as details of the Newlook operations which will be unaffected, by the appointment of the Interim Receiver.

Summary of the Company’s Past Operations

Newlook is a technology investment company with investments in Wireless Age Communications, Inc. ("Wireless Age"), Grandvue Inc. ("Grandvue"), Forest City Communications Ltd. ("Forest City") and Onlinetel Corp. ("Onlinetel").

Wireless Age is a 55%-owned subsidiary of Newlook. Wireless Age is a telecommunication service and distribution company, with operations focused on the provision of wireless products and services to wholesalers, distributors, retailers and end-users. Wireless Age operates nine retail cellular and telecommunications stores and sells various cellular and land mobile radio products.

For the 9 months ended September 30, 2008, Wireless Age generated approximately $28 million in revenue, of which $14.7 million was attributed to continuing operations and $13.3 million was attributed to operations, which were discontinued.

The continuing operational revenues of Wireless Age were derived from Wireless Age Communications Ltd. (99.7% owned subsidiary) and Wireless Source Distribution Ltd.(100% owned subsidiary).

The discontinued operational revenues were derived from the prepaid card distribution business of Wireless Source Distribution Ltd. The prepaid card distribution business terminated, effective September 30, 2008, as previously announced in Newlook’s news release dated October 29, 2008.

Grandvue is owned 100% by Newlook. Grandvue offers sale-type lease financing to technology companies. For the 9 months ended September 30, 2008, Grandvue had $312,000 of revenues.

Forest City is 100% owned by Newlook. Forest City operates a telecommunications business from its London, Ontario-based retail location. Forest City provides sales, rental and service facilities for two-way radios, trunked compact mobile radios and other telecommunications equipment to a customer base in Southwestern Ontario. The company specializes in customized communication system design and customer service. Forest City also owns and operates a fixed wireless network comprised of eight tower sites extending from London to Sarnia and Kitchener, Ontario. For the 9 months ended September 30, 2008, Forest City had $113,000 of revenues.

Onlinetel is 100% owned by Newlook. Onlinetel is a telecommunications services company, which uses soft-switch technology to deliver Voice over Internet Protocol (VoIP)-based communication services to individuals, businesses and carriers. Onlinetel offers a portfolio of long distance services to the Canadian market. As previously announced in Newlook’s July 10, 2007 news release, Onlinetel entered into an agreement on June 28, 2007 pursuant to which it granted an option to an arm’s length telecommunications company to acquire the operations, fixed assets and intellectual property of Onlinetel, in consideration of $2,250,000. The option expires June 27, 2012.

For the nine months ended September 30, 2008, Onlinetel had $749,000 of revenues. Onlinetel's assets and operations are recorded as discontinued operations in the September 30, 2008 financial statements.

Receivership and Impact on Future Operations

Under the Interim Receivership Order obtained by Saskatchewan Telecommunications ("SaskTel"), Meyers Norris Penny has been appointed Interim Receiver and is therefore authorized, amongst other things, to take possession and control of the property of Wireless Age Communications Ltd. and Wireless Source Distribution Ltd., to manage their businesses and to deal with funds owed to or by Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. While the Interim Receiver is in place, the revenue generated from the operations of both Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. will not accrue for the benefit of Newlook and will be recorded as discontinued operations.

Therefore, while the Interim Receiver is in place, the operations of Grandvue, Forest City and Onlinetel will not be affected and will remain under the control of the Officers and Directors of Newlook.

Management of Newlook has calculated that the proforma revenue (for the nine months ended September 30, 2008) would be approximately $425,000 if restated to record all of Wireless Age's operations, as discontinued.

Newlook confirms that none of its Directors or Officers has resigned as a result of the SaskTel Interim Receivership Order.

Newlook stated in its January 12, 2009 news release that it plans to challenge the appointment of the Interim Receiver. Newlook anticipates this challenge will be heard on or about January 22, 2009. Newlook will keep the marketplace apprised of the results of this challenge and any other developments through subsequent news releases, as required by securities legislation and Exchange Requirements.

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