News

NEWLOOK PROVIDES UPDATE ON CHALLENGE OF SUBSIDIARY RECEIVERSHIP

TORONTO, ONTARIO, January 23rd, 2009 - Newlook Industries Corp. ("Newlook" or the "Company") (TSXV: NLI) today confirmed that on January 22, 2009, the Court of Queen’s Bench for Saskatchewan, heard the challenge by the Company’s majority owned subsidiary Wireless Age Communications, Inc. ("Wireless Age") of the Interim Receivership Order obtained by Saskatchewan Telecommunications ("SaskTel").

As previously announced in the Company’s news releases dated January 12, 2009 and January 20, 2009, SaskTel served Wireless Age subsidiaries Wireless Age Communications Ltd. ("Wireless Ltd.") and Wireless Source Distribution Ltd. ("Wireless Source") with a Notice of Intention to Enforce Security under the Bankruptcy and Insolvency Act, and also obtained a Court Order to immediately appoint an interim receiver.

The judge presiding over the court deferred his judgment until next week. In the meanwhile, the assets of Wireless Ltd. and Wireless Source remain under control of the interim receiver.

Newlook will disseminate the results of the challenge when they become available 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