TORONTO, Aug. 6 /CNW/ - Newlook Industries Corp. (TSX Venture: NLI),
("Newlook" or the "Company") is pleased to announce that it has augmented its
existing operating line of credit by $1,300,000 and entered into a new credit
facility for $2,500,000 to be used for acquisitions with its senior lender.
There are no derivative securities or dilution to equity shareholders as a
result of the additional debt facilities.
Newlook believes the pre-approved credit facility considerably improves
the Company's flexibility and timeliness in its ability to structure
acquisitions. The Company regularly assesses acquisition opportunities and
evaluates them on their strategic merit and capacity to be accretive to
earnings and enhance shareholder value.
John G. Simmonds, Newlook CEO commented, "The increase to our credit
facility will help to further the growth of our intrinsic businesses.
Additionally, we now have a supplementary acquisition facility of $2,500,000
that will allow us flexibility in evaluating the several interesting projects
we have in the works, as well as looking at new business opportunities. We
will continue to exercise patience in this regard as our prime focus for
acquisitions will be in industries that provide significant growth and long
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