Newlook plans normal course issuer bid

    TORONTO, Aug. 1 /CNW/ - Newlook Industries Corp. (TSX Venture Exchange:
NLI), ("Newlook" or the "Company") announces its intention to make a normal
course issuer bid in accordance with the rules and policies of the TSX Venture
Exchange, subject to regulatory approval. The Company plans to repurchase up
to 1,000,000 of its common shares, representing approximately 3.4% of the
public float of the Company. Purchases will be made by open market
transactions through the facilities of the TSX Venture Exchange and all shares
purchased by the Company will be returned to treasury and cancelled.
    Over the course of the planned issuer bid, Newlook's common shares may
become available for purchase at prices that make them an attractive
investment and an appropriate use of corporate funds. Newlook anticipates that
the repurchase of its common shares will benefit 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.
    At present, Newlook has 29,558,432 common shares outstanding. Pursuant to
TSX Venture Exchange policies, the share repurchases will not, when aggregated
with the total of all other purchases in the preceding 30 days exceed 2% of
the total issued and outstanding common shares at the time the purchases are
made. Over a 12-month period beginning on the date specified in the notice of
the bid, the repurchases will not exceed the greater of 10% of the public
float and 5% of the issued and outstanding common shares. The issuer bid may
end earlier if the number of shares sought has been obtained. The Company
reserves the right to terminate the bid earlier if it feels it is appropriate
to do so. The Company will engage Raymond James to conduct the bid on the
Company's behalf.

    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

    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

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