News
NEWLOOK INDUSTRIES CORP. ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS
TORONTO, ONTARIO - May 1, 2009 - Newlook Industries Corp. (TSXV: NLI) ("Newlook" or the "Corporation") provides this Notice of Default further to National Policy 12-203 ("NP 12-203") advising that Newlook will not be filing its annual financial statements for the year ending December 31, 2008 on or before the prescribed deadline of April 30, 2009. The Corporation has made an application as prescribed under the foregoing policy requesting that a Management Cease Trade Order be imposed in respect of this late filing, rather than an Issuer Cease Trade Order.
Newlook’s failure to file its audited financial statements within the prescribed period of time was due to two subsidiaries of the Corporation being placed into receivership by a secured creditor on January 9, 2009. The court appointed receiver manager of the subsidiaries obtained court approval for the sale of all of the assets on April 28, 2009. To our knowledge the sale transactions as of this date have not closed but are expected to do so imminently. The period of time between court approval on April 28, 2009 and filing deadline for the financial statements on April 30, 2009 was insufficient to consider all accounting and GAAP implications to the year end December 31, 2008 financial statements.. The audit is expected to be completed by May 14, 2009.
Newlook fully expects to file its financial statements for the fiscal year end December 31, 2008 on or prior to May 14, 2009. Further, Newlook confirms that it intends to satisfy the requirements to file the appropriate Default Status Reports as prescribed by NP 12-203 so long as it remains in default of its requirements to file its financial statements within the prescribed period of time.
Newlook confirms that there are no insolvency proceedings against the Corporation as of the date herein. Newlook also confirms that there is no other material information concerning the affairs of Newlook that have not been generally disclosed as of the date herein.
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. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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
