Newlook Provides Update on Filing of Financial Statements

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.

Newlook Industries Corp (TSXV:NLI)
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