NLI Newlook Industries Corp

Newlook Industries Corp. ("Newlook") (TSX VENTURE:NLI) announced today that the
merger discussions between Sunbay Canada and Copernic (NASDAQ:CNIC) have been
terminated.


Through Newlook's due diligence process, it was discovered that certain assets
of Copernic were likely impaired.


Furthermore, a significant development occurred just prior to closing that would
have had, in our estimation, a significant negative impact on the potential
earnings of the combined entity. 


The impact of these two situations would have reduced, in our opinion, the value
of Copernic and make the relative values previously agreed to be unfair to the
shareholders of Newlook and Sunbay.


Furthermore, we question the corporate governance at Copernic which gave our
nominees to the Copernic board concern, thus resulting in their reluctance to
stand as Directors.


This situation also put in doubt other related transactions and has had
implications to various dealings that Copernic has been party to.


It is Newlook's intention to seek damages from Copernic and we expect other
parties to the various agreements to also explore the negative impact to their
businesses due to Copernic's actions.


Newlook Industries Corp., headquartered in King City, Ontario is a publicly
traded company listed on the TSX Venture Exchange. For more information please
call (905) 833-3072 or refer to www.sedar.com.


The management of the company, who take full responsibility for its content,
prepared this press release. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts 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.

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