NLI Newlook Industries Corp

Newlook Industries Corp., (TSX VENTURE:NLI), ("Newlook" or "the Company")
announced today that it has entered into a letter of intent to acquire the
Fanotech Manufacturing Group.


The Fanotech Manufacturing Group consists of Fanotech Enviro Inc., Fanotech
Waste Equipment Inc. and Fanocor Enterprises Inc. The Fanotech Group
manufactures a comprehensive line of waste handling products ranging from
transfer station compactors, trailers, mobile equipment and garbage disposal
bins. With forty years experience, the Fanotech Manufacturing Group operates
from two facilities with combined space of approximately 160,000 square feet in
Bracebridge and Huntsville, Ontario, Canada.


The Company has agreed to pay CAD$1M in cash plus a note for approximately
CAD$1.8M payable over 3 years for the net book value of the assets and
restricted common stock for goodwill based on the last 5 years of trailing
earnings of CAD$3.5M before interest, taxes, depreciation and amortization. The
final purchase price will be adjusted based on audited financial statements for
the most recent fiscal year end preceding closing. 


The closing is subject to the necessary approvals, which include consent of the
Company's board of directors and Canadian securities regulators.


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. 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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