Look Communications Announces Return of Capital to Shareholders

TORONTO, Feb. 24, 2012 /CNW/ - Look Communications Inc. ("Look" or the "Company") (NEX: LOK.H; LOK.K) today announced that it will distribute an aggregate amount of $6,985,076.20 to the holders of its multiple voting shares and subordinate voting shares, on a pro rata basis, as a return of capital.  Based on the number of multiple voting shares and subordinate voting shares outstanding on the date of this news release, shareholders will receive $0.05 for each multiple voting share and subordinate voting share held.

The record date for determining holders of multiple voting shares and subordinate voting shares who are entitled to receive the distribution has been fixed as March 6, 2012.  The Company expects that payment of the distribution will be made to registered holders of multiple voting shares and subordinate voting shares on or about March 13, 2011.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. The words "may", "attempt", "expect", "will" and similar expressions are intended to identify forward-looking information. Such information reflects Look's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause actual results that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize, including, among others, Look's ability to pay the return of capital in a timely manner or at all and the tax consequences to any particular shareholder of the return of capital. Except as required by law, Look does not assume any obligation to update or revise the forward looking statements contained in this news release to reflect actual events or new circumstances.

Neither the 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.

Grant McCutcheon, Director, Look at [phone]