NLI Newlook Industries Corp

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