TORONTO, Aug. 25 /CNW/ - Newlook Industries Corp. (TSX Venture Exchange:
NLI), ("Newlook" or the "Company") announces that a normal course issuer bid,
previously noted in a press release dated August 1, 2008, has been accepted by
the TSX Venture Exchange. Newlook intends to purchase up to 1,000,000 of its
common shares, which represents approximately 3.4% of the capital stock of the
The purchases will be made through the facilities of the TSX Venture
Exchange during the period of August 26, 2008 to August 25, 2009. The price
that Newlook will pay for the common shares it acquires will be the market
price of such shares at the time of acquisition. Purchases pursuant to the bid
will be made by Raymond James Ltd. on behalf of the Company. All shares
purchased by the Company will be returned to treasury and cancelled.
Newlook believes that its common shares may become available for purchase
at market prices that make them an attractive investment and a judicious use
of corporate funds to benefit its shareholders by increasing their equity
interest in the Company's assets. Newlook has not purchased any of its common
shares during the preceding 12 months pursuant to a normal course issuer bid.
To the knowledge of the Company, no director, senior officer or other
insider of Newlook currently intends to sell any common shares under this bid.
However, sales by such persons through the facilities of the TSX Venture
Exchange may occur if the personal circumstance of any such person change or
any such person makes a decision unrelated to these normal course purchases.
The benefits to any such person whose shares are purchased would be the same
as the benefits available to all other holders whose shares are purchased.
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