Look Communications reports results of the second quarter of fiscal 2012

    




 TORONTO, April 25, 2012 /CNW/ - Look Communications Inc. ("Look" or the  "Corporation") (NEX: LOK.H and LOK.K) today reported its operating and  financial results for the three and six months ended February 29, 2012. 

 Financial highlights included the following: 




        --  Cash and cash equivalents and short-term investments at
            February 29, 2012 totalled $26.1 million, which represents a
            decrease of $1.5 million from August 31, 2011, prior to the
            return of capital of $7.0 million paid to the shareholders on
            March 13, 2012. The $1.5 million decrease is due to losses from
            ongoing operations related primarily to the payment of
            professional fees;
        --  Operating expenses for the three months ended February 29, 2012
            totalled $1.1 million, an increase of $0.1 million or 10% from
            the $1.0 million incurred during the three months ended
            February 28, 2011; and
        --  The net loss for the three months ended February 29, 2012 was
            $1.0 million, or a basic loss per share of $0.008.




 Look continues to vigorously pursue recovery of the approximately $20  million of sale awards paid in 2009 pursuant to the Statement of Claim  issued by Look in July, 2011 and CBCA motion materials filed in August,  2011. 

 Look also continues to pursue potential investment opportunities that  could utilize Look's cash and tax attributes in an effort to maximize  shareholder value. Look's remaining tax attributes of approximately  $165 million may be utilized by the Corporation in its future  operations, or may be utilized by a potential acquirer to offset  income, provided certain tests are satisfied including those related to  change in control. 

 For further information on Look's financial results, please review the  Corporation's interim unaudited consolidated financial statements and  management's discussion and analysis of financial condition and results  of operations for the three and six months ended February 29, 2012 and  February 28, 2011. 

 About Look Communications Inc. 

 Look's shares are listed on the NEX under the symbols "LOK.H" for  Multiple Voting Shares and "LOK.K" for Subordinate Voting Shares.  Look's website may be found at www.look.ca. 

 The corporate information contained in this release includes  forward-looking statements regarding future events and the future  performance of Look that involve risks and uncertainties that could  cause actual results to differ materially. Assumptions used in the  preparation of such information, although considered reasonable by Look  at the time of preparation, may prove to be incorrect. The actual  results achieved may vary from the information provided herein and the  variations may be material. Consequently, there is no representation by  Look that actual results achieved will be the same in whole or in part  as those forecast. 

 Neither the NEX nor its Regulation Services Provider (as that term is  defined in the policies of the NEX) accepts responsibility for the  adequacy or accuracy of this release. 



Look Communications Inc.


CONTACT:  Grant McCutcheonChief Executive Officer and Director(416) 613-8222 


    

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