Newlook Closes Acquisition of Renewable Energy Project Rights

TORONTO, ONTARIO, Aug 17 (MARKET WIRE) --
Newlook Industries Corp. ("Newlook") (TSX VENTURE: NLI) is pleased to
announce it has executed an agreement with PowerPlay Energy Corp. for the
irrevocable exclusive rights to participate in any pending or future
plasma gasification and renewable energy projects or proposals within
Canada that PowerPlay Energy Corp. or its subsidiaries or affiliates
("PowerPlay") will become involved in, except the current project
underway in Port Hope, Ontario (the "Agreement").

PowerPlay is a renewable energy developer specializing in gasification
projects, and possesses the intellectual property rights, contracts and
licenses necessary for the development of plasma gasification and
renewable energy projects.

The rights granted include all contracts, licenses and agreements to
which PowerPlay is at any time a party to, including any power generation
projects arising from an exclusive developer agreement for Canada with a
world-renowned original equipment manufacturer of plasma torches and
operator of plasma gasification facilities (the "Developer Agreement").

Simultaneously with the execution of the Agreement, Newlook and PowerPlay
have entered into a management service agreement, wherein Newlook shall
pay cash compensation and success bonuses for the consulting and
administrative services of PowerPlay, which have agreed to cooperate with
Newlook in the development of gasification projects or proposals.

Newlook has agreed to provide PowerPlay a twenty percent (20%) interest
in Newlook's equity interest in each project Newlook elects to
participate pursuant to the rights granted. Additionally, Newlook has
agreed to additional compensation, on a case-by-case basis, with defined
equity participation for any project that Newlook wishes to utilize
engineering, design and project financing through the Developer Agreement.

The transaction was previously announced on August 10, 2009 and
supercedes an earlier transaction contemplated between Newlook and
PowerPlay announced on March 24, 2009 and May 6, 2009, that has not
closed. The transaction is subject to regulatory approval.

Newlook will not issue any securities for this transaction and confirms
that no finder's fee will be paid. Furthermore, Newlook confirms that
there is no relationship in this transaction involving any non-arms
length party and Newlook, its insiders and PowerPlay other than a
director of a Newlook insider is also a director and officer of
PowerPlay. Other than investments made relating to the abovementioned
transaction, Newlook's current investments are its 55%-stake in Wireless
Age Communications, Inc., wholly-owned Grandvue Inc. and wholly-owned
Onlinetel Corp.

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. 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.

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.

Contacts:
Newlook Industries Corp.
John G. Simmonds
Chief Executive Officer
(416) 477-5656 x301

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