Newlook Files Audited Fiscal 2008 and Unaudited Interim First Quarter 2009 Financial Statements

TORONTO, ONTARIO, Jul 06 (MARKET WIRE) --
Newlook Industries Corp. (TSX VENTURE: NLI)("Newlook" or the "Company")
is pleased to announce it has released its audited operating results for
the year ended December 31, 2008 and the three months ended March 31,
2009.

The Company previously announced in news releases that the December 31,
2008 audited annual financial statements would not be filed on time due
to two subsidiaries of the Corporation being placed into receivership by
a secured creditor on January 9, 2009. The delay in filing of the annual
statements also caused a delay in filing of the first quarter interim
financial statements. The Company has now finalized its audit and is able
to release the audited annual financial statements together with its
interim unaudited quarterly financial statements.

Consolidated revenues of the Company for the year ended December 31, 2008
were $40,068,334 and revenues for the three month period ended March 31,
2009 were $5,425,408. The Company incurred a net loss of $11,849,400
during the year ended December 31, 2008 and recorded net income of
$85,532 during the three month period ended March 31, 2009.

Operating results for fiscal 2008 were affected by a special charge loss
provision of $8,328,724 associated with the bankruptcy proceedings
against the operating subsidiaries of the Company's majority owned
subsidiary Wireless Age and impaired asset write downs totaling
$3,836,256.

The operating assets of the Wireless Age subsidiaries were sold by the
receiver of the entities effective April 30, 2009 and the subsidiaries
were assigned into bankruptcy on June 15, 2009.

As a result of the recent bankruptcy proceedings within the Wireless Age
subsidiaries and the pending sale of the Onlinetel operating business
unit the Company will have no material on going operations. However, as
previously announced the Company plans, subject to regulatory approval,
to invest in a biomass renewable energy project.

Gary N. Hokkanen, Newlook CFO stated; "The operating results of fiscal
2008 are not indicative of what stakeholders can expect in the future.
With the bankruptcy that occurred in Wireless Age on June 15, 2009, the
Wireless Age business unit will deconsolidate the financial troubled
subsidiaries. In addition, once the bankruptcy proceedings are resolved
over time the special charge loss provision will be adjusted accordingly."

Newlook CEO, John G. Simmonds commented; "Filing of our year end and
interim first quarter operating results is the first step in our
restructuring steps because it puts the Company back into good standing
from a regulatory reporting point of view. Over the next short while we
will begin to announce our intentions for Newlook and how loyal
shareholders will be rewarded."

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.

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

Newlook Industries Corp.
Gary N. Hokkanen
Chief Financial Officer
(416) 477-5656 x303

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