NLI Newlook Industries Corp

Newlook Industries Corp. ("Newlook") (TSX VENTURE: NLI) announced today that the merger discussions between Sunbay Canada and Copernic (NASDAQ: CNIC) have been terminated.

Through Newlook's due diligence process, it was discovered that certain assets of Copernic were likely impaired.

Furthermore, a significant development occurred just prior to closing that would have had, in our estimation, a significant negative impact on the potential earnings of the combined entity.

The impact of these two situations would have reduced, in our opinion, the value of Copernic and make the relative values previously agreed to be unfair to the shareholders of Newlook and Sunbay.

Furthermore, we question the corporate governance at Copernic which gave our nominees to the Copernic board concern, thus resulting in their reluctance to stand as Directors.

This situation also put in doubt other related transactions and has had implications to various dealings that Copernic has been party to.

It is Newlook's intention to seek damages from Copernic and we expect other parties to the various agreements to also explore the negative impact to their businesses due to Copernic's actions.

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. 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. 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.

Contacts: Newlook Industries Corp. John G. Simmonds Chief Executive Officer (905) 833-3072 x223