NLI Newlook Industries Corp

Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) provides
its initial bi-weekly Default Status Report in accordance with National Policy
12-203 ("NP 12-203"). 


Newlook has engaged its auditors, Deloitte & Touche LLP, who are presently
conducting their field work in relation to the audit of the Company's financial
statements for the year ended December 31, 2009.


In a press release dated April 28, 2010, Newlook announced that it would not be
able to file its audited financial statements and management discussion and
analysis ("MD&A") for the year ended December 31, 2009 on or before the
prescribed deadline of April 30, 2010.


As requested by Newlook in an application submitted under NP 12-203, the Ontario
Securities Commission ("OSC") issued a temporary management cease trade order
("MCTO") rather than a general cease trade order in respect of the late filings,
as announced on May 6, 2010. On May 18, 2010, the OSC replaced the temporary
MCTO by issuance of a permanent MCTO to the Company's Chief Executive Officer
and Chief Financial Officer, thereby prohibiting them from trading in the
securities of the Company until two business days following the submission of
the late filings.


Due to the delay in filing its annual financial statements and MD&A, Newlook was
not able to file, by the prescribed deadline of May 30, 2010, its interim
financial statements for the three month period ended March 31, 2010 and
associated MD&A. Newlook anticipates that these interim filings will be made
shortly after the annual filings are submitted.


Pursuant to NP 12-203, Newlook confirms that except as described herein and in
its initial default announcement: (i) there are no additional material changes
to the information contained in the original default announcement; (ii) there
has been no failure by the Company in fulfilling its stated intention with
respect to satisfying the provisions of the alternative information guidelines;
(iii) there is no actual or anticipated specified default subsequent to the
default which is the subject of the default announcement; and (iv) there is no
other material information concerning the affairs of the Company that has not
been generally disclosed.


As contemplated by NP 12-203, Newlook shall continue to issue bi-weekly default
status reports in order 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.

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