Newlook Provides Bi-Weekly Default Status Report
June 25 2010 - 10:20AM
Marketwired
Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:
NLI) provides its initial bi-weekly Default Status Report in
accordance with National Policy 12-203 ("NP 12-203").
Newlook has engaged its auditors, Deloitte & Touche LLP, who
are presently conducting their field work in relation to the audit
of the Company's financial statements for the year ended December
31, 2009.
In a press release dated April 28, 2010, Newlook announced that
it would not be able to file its audited financial statements and
management discussion and analysis ("MD&A") for the year ended
December 31, 2009 on or before the prescribed deadline of April 30,
2010.
As requested by Newlook in an application submitted under NP
12-203, the Ontario Securities Commission ("OSC") issued a
temporary management cease trade order ("MCTO") rather than a
general cease trade order in respect of the late filings, as
announced on May 6, 2010. On May 18, 2010, the OSC replaced the
temporary MCTO by issuance of a permanent MCTO to the Company's
Chief Executive Officer and Chief Financial Officer, thereby
prohibiting them from trading in the securities of the Company
until two business days following the submission of the late
filings.
Due to the delay in filing its annual financial statements and
MD&A, Newlook was not able to file, by the prescribed deadline
of May 30, 2010, its interim financial statements for the three
month period ended March 31, 2010 and associated MD&A. Newlook
anticipates that these interim filings will be made shortly after
the annual filings are submitted.
Pursuant to NP 12-203, Newlook confirms that except as described
herein and in its initial default announcement: (i) there are no
additional material changes to the information contained in the
original default announcement; (ii) there has been no failure by
the Company in fulfilling its stated intention with respect to
satisfying the provisions of the alternative information
guidelines; (iii) there is no actual or anticipated specified
default subsequent to the default which is the subject of the
default announcement; and (iv) there is no other material
information concerning the affairs of the Company that has not been
generally disclosed.
As contemplated by NP 12-203, Newlook shall continue to issue
bi-weekly default status reports in order 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
Newlook Industries Corp (TSXV:NLI)
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