Newlook Enters Into Letter of Intent to Acquire Waste Equipment Manufacturer

  Newlook Industries Corp., (TSX VENTURE: NLI), ("Newlook" or "the Company") announced today that it has entered into a letter of intent to acquire the Fanotech Manufacturing Group.

The Fanotech Manufacturing Group consists of Fanotech Enviro Inc., Fanotech Waste Equipment Inc. and Fanocor Enterprises Inc. The Fanotech Group manufactures a comprehensive line of waste handling products ranging from transfer station compactors, trailers, mobile equipment and garbage disposal bins. With forty years experience, the Fanotech Manufacturing Group operates from two facilities with combined space of approximately 160,000 square feet in Bracebridge and Huntsville, Ontario, Canada.

The Company has agreed to pay CAD$1M in cash plus a note for approximately CAD$1.8M payable over 3 years for the net book value of the assets and restricted common stock for goodwill based on the last 5 years of trailing earnings of CAD$3.5M before interest, taxes, depreciation and amortization. The final purchase price will be adjusted based on audited financial statements for the most recent fiscal year end preceding closing.

The closing is subject to the necessary approvals, which include consent of the Company's board of directors and Canadian securities regulators.

Newlook Industries Corp., headquartered in King City, Ontario is a publicly traded company listed on the TSX Venture Exchange. For more information please call [phone] 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 Chairman & CEO 905-833-3072 ext. 223