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.

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