TORONTO, Oct. 27 /CNW/ - Newlook Industries Corp. ("Newlook") (TSXV: NLI)
is pleased to announce that it has entered into a series of agreements to
invest in cleantech energy opportunities, as previously indicated in a press
release issued on October 7, 2008. The TSX Venture Exchange has accepted for
filing documentation pertaining to a subscription agreement between Newlook
and PowerPlay Energy Corp. ("PowerPlay") and an agreement between Newlook and
Sunbay Port Hope Inc. ("Sunbay"). Newlook will not be issuing any securities
for these transactions.
Pursuant to the PowerPlay subscription agreement, Newlook will invest
$250,000 in a current financing to subscribe for 250,000 shares at a deemed
value of $1.00 per PowerPlay share, representing a 5.4% interest in PowerPlay.
Newlook has also agreed to acquire an additional 300,000 shares from
PowerPlay's affiliates at a deemed value of $0.50 per share, representing an
additional 6.5% interest in PowerPlay, by making a cash payment of $150,000.
Furthermore, Newlook will hold two options to acquire additional
PowerPlay shares: i) 200,000 shares from PowerPlay's affiliates at a deemed
value of $1.00 per share, representing an additional 6.5% interest in
PowerPlay; and ii) 100,000 shares from PowerPlay's affiliates at a deemed
value of $0.15 per share, representing an additional 2.2% interest in
PowerPlay. Through these transactions, Newlook may hold up to an 18.4% stake
Pursuant to the Sunbay agreement, Newlook shall loan Sunbay a principal
amount of $1.0 million. The loan matures September 30, 2011, and bears
interest at the rate of 12% per year. Sunbay is a wholly-owned subsidiary of
Sunbay Energy Corp., which is a majority-owned subsidiary of PowerPlay Energy
Corp. In exchange for providing the Sunbay loan, Newlook will be issued
100,000 common shares of Sunbay. As a result, Newlook will hold a 9.09%
interest in Sunbay.
About PowerPlay Energy Corp.
PowerPlay Energy was established to develop cleantech solutions, with a
distinct focus on projects employing energy-from-waste tools and
technology-specifically plasma gasification. PowerPlay is positioned as an
originator/incubator, identifying project opportunities, getting involved at
inception, providing funding, sharing management and technical expertise. The
result: a family of cleantech companies and projects helping to recover energy
from waste and change the way the world looks at garbage.
About Newlook Industries 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. 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 further information:
For further information: John G. Simmonds, Chief Executive Officer,
Newlook Industries Corp, Telephone: (416) 477-5656 x301