Newlook Provides Update on Filing of Financial Statements
26 Juli 2010 - 9:32PM
Marketwired
Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:
NLI) provides an update on the delay in filing its financial
statements for the year ended December 31, 2009, along with
associated management discussion and analysis ("MD&A") and
CEO/CFO certifications (the "Annual Filings").
The Company anticipates issuing its Annual Filings by July 31,
2010. Newlook's auditors, Deloitte & Touche LLP, are presently
engaged in completing the audit of the annual financial statements.
Significant progress has been made and completion of the audit is
imminent.
Shortly after the issuance of the Annual Filings, Newlook plans
to file the financial statements for the quarter ended March 31,
2010, along with the associated MD&A and CEO/CFO certification
(the "Interim Filings").
The TSX Venture Exchange suspended trading in the Company's
securities on July 2, 2010 as a result of a Cease Trade Order
("CTO") issued by the Ontario Securities Commission ("OSC"). The
CTO is expected to be in place until shortly after the receipt by
the OSC of all Annual and Interim Filings that Newlook is required
to make. Reinstatement to trading can occur only when the CTO is
revoked and the TSXV has concluded its reinstatement review to
ensure the Company has satisfactorily complied with all TSXV
requirements.
Newlook shall continue to keep the market continuously informed
of any developments during the period of default.
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.
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.
Contacts: Newlook Industries Corp. John G. Simmonds Chief
Executive Officer (905) 833-3072 x223
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