News
AUG 30, 2007 -- Newlook announces third quarter results
Toronto - Newlook Industries Corp. (TSXV: NLI) today announced that the consolidated unaudited operating results for the three and nine months ended June 30, 2007 have been filed on SEDAR (www.sedar.com).
Newlook posted net earnings of $515,609 ($0.02 per share) during the three month period ended June 30, 2007 up from a loss of $227,300 ($0.01 per share) during the comparative period in the prior year. Earnings from continuing operations in the current quarter were $287,073 compared to a loss of $453,442 in the prior year. Earnings from discontinued operations were $228,536 in the current quarter and $226,142 in the prior year.
Gary N. Hokkanen, the Company's newly appointed CFO commented; This is the first quarter we've classified the Onlinetel operating results as discontinued operations. In addition, during the quarter the Company obtained a controlling interest in Wireless Age Communications, Inc. The investment in Wireless Age occurred at the end of the period and therefore Wireless Age operating results have not been consolidated with Newlook's statement of operations but will be effective July 1, 2007. We recorded two unusual gains in the current quarter, the first being a $322,870 gain on reduction of debt within continuing operations and the second being a $280,000 gain associated with an agreement to dispose of a portion of the Onlinetel business within discontinued operations.
John G. Simmonds, Newlook CEO stated; "Our newly assembled management group has begun the process of reorienting Newlook within the Canadian communications business sector. I expect to announce other exciting new changes shortly."
Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 216-8659 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 Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
AUG 30, 2007 -- Newlook announces third quarter results
Toronto - Newlook Industries Corp. (TSXV: NLI) today announced that the consolidated unaudited operating results for the three and nine months ended June 30, 2007 have been filed on SEDAR (www.sedar.com).
Newlook posted net earnings of $515,609 ($0.02 per share) during the three month period ended June 30, 2007 up from a loss of $227,300 ($0.01 per share) during the comparative period in the prior year. Earnings from continuing operations in the current quarter were $287,073 compared to a loss of $453,442 in the prior year. Earnings from discontinued operations were $228,536 in the current quarter and $226,142 in the prior year.
Gary N. Hokkanen, the Company's newly appointed CFO commented; This is the first quarter we've classified the Onlinetel operating results as discontinued operations. In addition, during the quarter the Company obtained a controlling interest in Wireless Age Communications, Inc. The investment in Wireless Age occurred at the end of the period and therefore Wireless Age operating results have not been consolidated with Newlook's statement of operations but will be effective July 1, 2007. We recorded two unusual gains in the current quarter, the first being a $322,870 gain on reduction of debt within continuing operations and the second being a $280,000 gain associated with an agreement to dispose of a portion of the Onlinetel business within discontinued operations.
John G. Simmonds, Newlook CEO stated; "Our newly assembled management group has begun the process of reorienting Newlook within the Canadian communications business sector. I expect to announce other exciting new changes shortly."
Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call (416) 216-8659 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 Simmonds
Chief Executive Officer
Newlook Industries Corp.
Telephone: (416) 477-5656, Ext. 301
