TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI - News) and its majority-owned subsidiary Wireless Age Communications, Inc. ("Wireless Age") (PINK SHEETS:WLSA - News) confirmed today they plan to complete a transaction whereby the ownership interest between Newlook and Wireless Age is severed and the intercompany debt between the parties is settled.
On July 13, 2009, Newlook and Wireless Age announced that they were negotiating the terms of a debt settlement. Although specific details of the proposed transaction are not yet fully settled, the companies intend to settle debt of approximately $6,300,000 owing by Newlook to Wireless Age through Newlook's transfer of certain assets, issuance of treasury common stock, return for cancellation of a part of Newlook's investment in Wireless Age, payment of cash and loan forgiveness for the balance.
John G. Simmonds, CEO of Newlook stated, "Our debt settlement plans were delayed by Wireless Age's negotiations with the receiver and trustee of its former operating subsidiaries, Wireless Age Communications Ltd. and Wireless Source Distribution Ltd. That hurdle was cleared recently and we now feel we are in a position to finally consummate the proposed transaction."
The settlement transaction will be subject to independent director, disinterested shareholder and regulatory approvals. Newlook intends to call a special shareholders' meeting in the near future in order to seek approval for the transaction as well as a proposed renewable energy strategy for the Company.
Mr. Simmonds added, "The debt settlement with Wireless Age is a key component in an overall corporate re-organization that Newlook is currently working toward. Upon completion, we feel that the Company will be well-positioned to embark on new projects currently being considered."
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