News

NEWLOOK SUBSIDIARY’S ASSETS PLACED FOR SALE

TORONTO, ONTARIO - February 9, 2009 - Newlook Industries Corp. ("Newlook" or the "Company") (TSX Venture Exchange: NLI) today announced that the Company’s majority owned subsidiary Wireless Age Communications, Inc. ("Wireless Age") has received notification from Meyers Norris Penny Limited (the "Interim Receiver"), that the assets of Wireless Age Communications Ltd. ("Wireless Ltd.") and Wireless Source Distribution Ltd. ("Wireless Source") are being sold.

As previously announced in the Company’s news releases dated January 12, 2009, January 20, 2009 and January 23, 2009, SaskTel served Wireless Ltd. and 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.

On February 2, 2009, the Interim Receiver provided Wireless Age with initial marketing documentation indicating that it intended to sell the business assets in three separate packages; 1) the assets of Wireless Source, which consists of the former commercial operating segment, 2) the Saskatchewan retail operating segment assets of Wireless Ltd., and 3) the Manitoba retail operating segment assets of Wireless Ltd. The Interim Receiver indicated that preference would be given to a purchaser of all three packages in one transaction. Communications from the Interim Receiver indicated that they were hopeful to assemble all offers by February 20, 2009.

The documentation indicated that over the eleven month period ended November 30, 2008, Wireless Ltd.’s Saskatchewan stores generated CAD$13,792,055 in revenue and $2,719,637 in normalized earnings before interest, taxes, depreciation and amortization ("EBITDA"), the Wireless Ltd. Manitoba stores generated $6,666,264 in revenue and $345,184 in normalized EBITDA and the Wireless Source business generated $16,023,575 in revenue and $89,233 in normalized EBITDA. Combined revenue during this period was $36,481,894 and combined normalized EBITDA was reported as $3,154,054.

However, Wireless Age was also provided a copy of a letter dated January 28, 2009 from MTS Allstream Inc. ("MTS") to the Interim Receiver, stating that MTS intends to terminate the Dealer Agreement between MTS and Wireless Age’s subsidiary Wireless Ltd. effective February 28, 2009. Wireless Ltd. operates four stores in Manitoba, Canada under the Dealer Agreement.

Newlook will disseminate any other developments through subsequent news releases, as required by securities and Exchange legislation.

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