NLI Newlook Industries Corp

Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE: NLI) provides an update on the delay in filing its financial statements for the year ended December 31, 2009, along with associated management discussion and analysis ("MD&A") and CEO/CFO certifications (the "Annual Filings").

The Company anticipates issuing its Annual Filings by July 31, 2010. Newlook's auditors, Deloitte & Touche LLP, are presently engaged in completing the audit of the annual financial statements. Significant progress has been made and completion of the audit is imminent.

Shortly after the issuance of the Annual Filings, Newlook plans to file the financial statements for the quarter ended March 31, 2010, along with the associated MD&A and CEO/CFO certification (the "Interim Filings").

The TSX Venture Exchange suspended trading in the Company's securities on July 2, 2010 as a result of a Cease Trade Order ("CTO") issued by the Ontario Securities Commission ("OSC"). The CTO is expected to be in place until shortly after the receipt by the OSC of all Annual and Interim Filings that Newlook is required to make. Reinstatement to trading can occur only when the CTO is revoked and the TSXV has concluded its reinstatement review to ensure the Company has satisfactorily complied with all TSXV requirements.

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