Newlook Industries Corp. (TSX Venture Exchange: NLI), announces that a normal course issuer bid, previously noted in a press release dated August 1, 2008, has been accepted by the TSX Venture Exchange. Newlook intends to purchase up to 1,000,000 of its common shares, which represents approximately 3.4% of the capital stock of the Company.
The purchases will be made through the facilities of the TSX Venture Exchange during the period of August 26, 2008 to August 25, 2009. The price that Newlook will pay for the common shares it acquires will be the market price of such shares at the time of acquisition. Purchases pursuant to the bid will be made by Raymond James Ltd. on behalf of the Company. All shares purchased by the Company will be returned to treasury and cancelled.
Newlook believes that its common shares may become available for purchase at market prices that make them an attractive investment and a judicious use of corporate funds to benefit its shareholders by increasing their equity interest in the Company's assets. Newlook has not purchased any of its common shares during the preceding 12 months pursuant to a normal course issuer bid.
To the knowledge of the Company, no director, senior officer or other insider of Newlook currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstance of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased. -- www.cnxmarketlink.com
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