Newlook Filing of Annual Financial Statements Delayed
July 02 2010 - 9:10AM
Marketwired
Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:
NLI) announces that it will delay the filing of its financial
statements for the year ended December 31, 2009, along with the
associated management discussion and analysis ("MD&A") and
CEO/CFO certifications (the "Annual Filings") as more time is
required to complete its audit.
Deloitte & Touche LLP, the Company's auditors, are presently
engaged in conducting their field work in relation to the audit of
the Company's annual financial statements. Newlook has made
significant progress in obtaining the audit of the annual financial
statements, and completion of the audit is imminent. The Company
expects to file its Annual Filings within the month of July
2010.
As a result of the delay in the Annual Filings, the Company
shall delay the filing of its financial statements for the quarter
ended March 31, 2010, along with the associated MD&A and
CEO/CFO certification (the "Interim Filings") until such time that
it files the Annual Filings.
The delay in filing both the required Annual and Interim Filings
beyond June 30, 2010 exceeds the end of the two month period
contemplated by National Policy 12-203 for the management cease
trade order ("MCTO") currently in place. As such, it is anticipated
that the Ontario Securities Commission ("OSC") will issue a
temporary general cease trade order to replace the MCTO.
Under the procedures of the OSC, this temporary order is
expected to be replaced by a permanent order by July 20, 2010 or
thereabouts. The permanent order would be expected to be in place
until shortly after the receipt by the OSC of all Annual and
Interim Filings that the Company is required to make.
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
Newlook Industries Corp (TSXV:NLI)
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