Newlook Industries Corp C.NLI

news DEC 15th is KEY

[sammythebulll]

Eiger Technology, Inc. (TSX: AXA, OTCBB: ETIFF) ("Eiger") announces that its VoIP-based telecommunications subsidiary, Newlook Industries Corp. ("Newlook") has entered into an agreement (the "Wireless Agreement") dated October 28, 2005 to acquire all of the issued and outstanding shares (the "Wireless Shares") of Wireless Ventures Inc. ("Wireless"). Upon closing of the Wireless Agreement, Wireless will become a subsidiary of Newlook. The Wireless Agreement is, at this time, a letter of intent between the parties. Newlook anticipates executing a formal agreement superseding the letter of intent on or before November 30, 2005. Wireless is a company engaged in the development of a Mobile Virtual Network Enabler ("MVNE") operation that plans to exploit the dramatic growth in mobile virtual networks that is occurring today. Upon closing of the Wireless Agreement, it is anticipated that Wireless will capitalize on Newlook's existing infrastructure where possible, providing a new market for Newlook's current VoIP telecommunications services. The Wireless Agreement calls for Eiger to assign or transfer to the shareholders of Wireless (the "Wireless Shareholders"), within escrow, 5,800,000 shares of Newlook (the "Newlook Shares") which were originally issued to Eiger as consideration for its sale of Onlinetel to Newlook completed in 2004. The transaction is undertaken at a deemed value of $0.50 per share. The transfer of shares to the Wireless Shareholders will be recorded, on both Eiger and Newlook's financial statements, as a loan by Eiger to Newlook of $2,900,000. The transaction will add value for Eiger shareholders without additional dilution. The Newlook Shares are subject to a TSX-Venture Exchange surplus security escrow agreement (the "Escrow Agreement") dated March 18, 2004. The closing of the Wireless Agreement is subject to certain conditions outlined in a separate press release by Newlook dated October 31, 2005. Newlook hopes to close the acquisition of the Wireless Shares on or before December 15, 2005. The Wireless Agreement is subject to its acceptance for filing with the TSX-Venture Exchange and, in particular, to the TSX-Venture Exchange's approval of the transfer within escrow of the 5,800,000 Newlook Shares from Eiger to the Wireless Shareholders. Eiger Technology, Inc., headquartered in Toronto, Ontario is a publicly traded company listed on the Toronto Stock Exchange. For more information please call [phone] or refer to www.sedar.com. The management of the company, who take full responsibility for its content, prepared this press release. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Eiger's current expectations. These statements involve risks and uncertainties including, without limitation, Eiger'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. SOURCE: Eiger Technology Inc. Jason Moretto, Chief Financial Officer, Eiger Technology, Inc., Telephone: [phone], Ext. 302, [e-mail]