Westaim announces sale of iFire Technology Ltd. assets

Fri Oct 17, 2008 1:46pm EDT

* Reuters is not responsible for the content in this press release.

CALGARY, Oct. 17 /PRNewswire-FirstCall/ - The Westaim Corporation announced
today a purchase and sale agreement between its wholly owned subsidiary iFire
Technology Ltd. and CTS Group Limited. Under the agreement, iFire will sell
its equipment, patents and intellectual property for net proceeds of
approximately US$8.0 million. The sale is subject to several conditions,
including iFire obtaining certain Government of Canada consents and approvals,
which are expected to be obtained by mid-November. CTS Group is a
Canadian-Chinese joint venture with established operations in Henan province,
People's Republic of China.
"iFire management has worked very hard over the past few months to bring this
transaction to completion," said Drew Fitch, President & CEO of Westaim. "The
sale of iFire's assets will provide Westaim with additional cash resources as
the company pursues its goal of strategically transitioning into a new
sector."
Westaim previously announced it has entered into a reorganization agreement
where it will acquire, subject to shareholder approval, several closely held
and profitable businesses that provide products and services in the growing
western Canadian construction industry. An information circular was mailed to
shareholders on October 15th in advance of a special meeting of shareholders
to be held on November 21, 2008. Westaim continues to hold a 74.5 percent
interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS).
The Westaim Corporation's common shares are listed on The Toronto Stock
Exchange under the trading symbol WED.

This news release contains forward-looking statements. These statements are
based on current expectations that are subject to risks and uncertainties, and
Westaim can give no assurance that these expectations are correct. Various
factors could cause actual results to differ materially from those projected
in such statements, including but not limited to statements regarding the sale
of assets, cash resources to be realized from the sale of assets, shareholder
and other approvals to which acquisition of businesses or sales of assets are
subject, conditions upon the sale of assets, Westaim's strategic transition to
a new sector, and the acquisition of businesses. Westaim disclaims any
intention or obligation to revise forward-looking statements whether as a
result of new information, future developments or otherwise. Accordingly,
readers are advised not to place undue reliance on forward-looking statements,
and should not rely on this information at any date other than the date of
this news release. All forward-looking statements are expressly qualified in
their entirety by this cautionary statement.

SOURCE  Westaim Corporation

David Wills, Gillian McArdle, Investor Relations, info@westaim.com, (416)
504-8464
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.