Outlook Resources Inc

Eco-certified, land based, closed containment aquaculture production.

Message: Outlook Provides Second Default Status Report

Outlook Provides Second Default Status Report

posted on Apr 28, 2009 02:17PM
April 28, 2009
Outlook Provides Second Default Status Report
TORONTO, ONTARIO--(Marketwire - April 28, 2009) - Outlook Resources Inc. ("Outlook" or the "Company") (TSX VENTURE:OLR) is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 27, 2009, the Company announced that there would be a delay in filing its Annual Audited Consolidated Financial Statements ("Annual Financial Statements") and Management Discussion & Analysis ("MD&A") for the Company's financial year ended November 30, 2008 (collectively, the "Financial Disclosure") within the 120 day period prescribed for the filing of the Financial Disclosure for reasons disclosed within that announcement.

In accordance with NP 12-203, and as previously announced, the Company applied to the applicable securities commissions and regulators for a Management Cease Trade Order related to the Company's common shares to be imposed against certain of the Company's executive officers instead of a general Cease Trade Order being imposed against all securities of the Company. On March 31, 2009, the Ontario Securities Commission issued a temporary Management Cease Trade Order which imposes restrictions on the former Chief Executive Officer, John Bottomley, with respect to trading in and acquiring securities of the Company for a period of fifteen days from the date of the temporary Management Cease Trade Order. The temporary Management Cease Trade Order became permanent on April 13, 2009.

If the Financial Disclosure is not filed by May 30, 2009, the applicable securities commissions or regulators may impose a general Cease Trade Order. A general Cease Trade Order may be imposed sooner if the Company fails to satisfy the provisions of the Alternative Information Guidelines required pursuant to NP 12-203 (the "Alternative Information Guidelines").

The Company is working with its auditors to complete the audit of the Company's Annual Financial Statements as soon as possible and now anticipates filing the Financial Disclosure by May 15, 2009. Until its Financial Disclosure is filed, the Company intends to continue to satisfy the Alternative Information Guidelines by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a press release. The Company intends to issue its next Default Status Report on May 12, 2009.

The Company reports that since its original announcement on March 27, 2009 and its First Default Status Report on April 14, 2009, there have not been any material changes to the information provided therein other than as described herein nor any failure by the Company in fulfilling its stated intentions with respect to satisfying the Alternative Information Guidelines.

In addition to the information disclosed herein, there has not been any other specified default by the Company under NP 12-203, nor are any anticipated and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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