TORONTO, ONTARIO -- 11/30/09 --
Outlook Resources Inc. ("Outlook" or the "Company" (TSX VENTURE: OLR) wishes to announce that it has entered into agreements to settle an aggregate of $501,304.74 of arm's length debt with 20 creditors in consideration for the issuance of 4,172,490 common shares of the Company and the payment to certain creditors of an aggregate of $88,357.68 cash to be payable only out of the next equity or debt financing of Outlook of $1,000,000 or more. The debt settlements will greatly reduce the Company's liabilities and better position the Company to move forward with its business plan. The debt settlements are subject to approval of the TSX Venture Exchange.
About Outlook
Outlook is a bio-resources company owning its Agassiz Arctic Char aquaculture operation just north of Winnipeg Manitoba and 5% of ERTH Solutions Inc., and plans to acquire the balance. Its mission is to nurture its sustainable fertilizer and compatible bio-resources ventures such as Agassiz, and to operate them profitably for customers and investors by using the technologies of these ventures combined with Outlook's economies of scale. For more information, please visit www.outlookresources.com.
The Company current has 166,456,697 common shares issued and outstanding.
About ERTH Solutions Inc.
ERTH Solutions is a private US corporation headquartered in Longmont, Colorado with technology, products and process to deliver low carbon fertility products to the Turf and Ornamental, Home and Garden and Agricultural markets.
About Agassiz Aqua Farms
Agassiz Aqua Farms is a wholly owned subsidiary of Outlook with inland Arctic Char cultivation and processing operation on 160 acres just north of Winnipeg. Agassiz produces high quality fresh Arctic Char filets for the growing fish protein market in Canada and the United States. For more information, please visit www.agassizaquafarms.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for the Company's products, the availability of funding, and the anticipated costs of construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances, except as required by law. Actual events or results could differ materially from the expectations and projections.
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:
Outlook Resources Inc.
Errol Farr
President & CEO
(416) 363-1299
errol.farr@outlookresources.com
