Newlook updates stock options

    TORONTO, Sept. 30 /CNW/ - Newlook Industries Corp. (TSX Venture: NLI),
("Newlook" or the "Company") announces that the TSX Venture Exchange (the
"Exchange") has accepted for filing the Company's request to increase the
options reserved for issuance under the Company's Stock Option Plan.
    The current Stock Option Plan was approved at the Annual and Special
Meeting ("the Meeting") held on March 4, 2004. Upon receiving shareholder
approval at the Meeting for an increase of 4,000,000 options to the maximum
authorized number of options, Newlook requested and received approval from the
Exchange for 2,000,000 options at that time. The Company has recently
requested an increase to the number of shares reserved under its Stock Option
Plan and the Exchange has accepted for filing a current total of 3,927,272
shares for issuance.
    This month, the Exchange completed a compliance and disclosure review of
Newlook's Stock Option Plan. In accordance with the conditions of Newlook's
Stock Option Plan and the Exchange's policies governing stock options,
1,125,000 have been forfeited by previous option-holders who cease to be
engaged with the Company. Newlook presently has 3,285,000 options issued under
its Stock Option Plan.
    Additionally, Newlook wishes to report that Allen Cowie, having been a
non-independent Director of the Company (due to being an officer of the
Company's Wireless Age subsidiaries), has resigned in order to improve the
overall independence of the Board.

    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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