Look Communications reports results of the first quarter of fiscal 2012

TORONTO, Jan. 27, 2012 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (NEX: LOK.H and LOK.K) today reported its operating and financial results for the three months ended November 30, 2011.

Financial highlights included the following:

• Cash and cash equivalents and short-term investments at November 30, 2011 totalled $26.5 million, which represents a decrease of $1.0 million from August 31, 2011. This decrease is due mainly to losses from ongoing operations;
  
  
• Operating expenses before depreciation for the three months ended November 30, 2011 totalled $0.8 million, a decrease of $0.2 million or 20% from the $1.0 million incurred during the three months ended November 30, 2010; and
  
  
• The net loss for the three months ended November 30, 2011 was $0.8 million, or a basic loss per share of $0.005.
  
  

Look continues to vigorously pursue recovery of the approximately $20 million of sale awards paid in 2009 pursuant to the Statement of Claim issued by Look in July, 2011 and CBCA motion materials filed in August, 2011.

Look also continues to pursue potential investment opportunities that could utilize Look's cash and tax attributes in an effort to maximize shareholder value. Look's remaining tax attributes of approximately $165 million may be utilized by the Corporation in its future operations, or may be utilized by a potential acquirer to offset income, provided certain tests are satisfied including those related to change in control.

For further information on Look's financial results, please review the Corporation's annual audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the three months ended November 30, 2011 and 2010.

About Look Communications Inc.

Look's shares are listed on the NEX under the symbols "LOK.H" for Multiple Voting Shares and "LOK.K" for Subordinate Voting Shares. Look's website may be found at www.look.ca.

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of Look that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by Look at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by Look that actual results achieved will be the same in whole or in part as those forecast.

Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

Grant McCutcheon
Chief Executive Officer and Director
[phone]