Navigation Links
The Westaim Corporation update on status of short-term investments
Date:11/2/2007

CALGARY, Nov. 2 /PRNewswire-FirstCall/ - The Westaim Corporation announced today the receipt of an offer, subject to final documentation, for a credit line of $12.6 million from a major financial institution. The credit facility will be available for one year and will be secured by the equivalent value of asset-backed commercial paper (ABCP) held by the Company.

Westaim previously announced that it held $19.7 million in ABCP. In September, the Company realized proceeds of $2.8 million upon the maturity of certain of its holdings, reducing its current ABCP holdings to approximately $17 million. These securities, which met the criteria of The Westaim Corporation's investment policy at the time of purchase, have been rated R-1 (high) by DBRS Limited. However, the market for $35 billion of third-party ABCP has been frozen since mid-August and until the paper is restructured, or a market otherwise forms for this ABCP, Westaim cannot be certain of the ultimate value it will realize for its holdings.

"While Westaim currently has sufficient non-ABCP cash and liquid investments, this facility greatly improves our liquidity and provides us the flexibility we need going forward," said Drew Fitch, President and CEO of Westaim. "We will continue to closely monitor the commercial paper situation and examine the optimal use of existing resources and assets."

At June 30, 2007, Westaim had a total of $33.9 million in cash and short-term investments, excluding the cash equivalents held by its 74.8 per cent owned affiliate NUCRYST Pharmaceuticals Corp.

The Westaim Corporation's technology investments include iFire Technology Corp., which is developing a low-cost flat panel display technology, and a 74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX; NCS), which develops, manufactures and commercializes medical products that fight infection and inflammation based on its nanocrystalline silver technology. Westaim'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 final documentation of the credit facility, the repayment of mature securities, potential adverse consequences to Westaim in future, the sufficiency of Westaim's cash and liquid investments to continue operations, Westaim's intention to monitor the asset-backed commercial paper situation referred to in the news release, and potential steps to be taken by Westaim to ensure continued access to cash necessary to fund operations. 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
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Chiron Corporation Gets US Contract To Produce Bird Flu Vaccines
2. WHO Updates Outdated Pediatric Growth Charts
3. High -tech Mitochondrial DNA Sequencing Tool Updated
4. Updated Sleep Apnea Screening Recommended for Commercial Drivers
5. Warning on Avastin Updated
6. NanoSensors Provides Update on Its Biosensor to Detect E.coli and Salmonella
7. Patient’s perception of health status helps in better recover
8. FDA debates status of decongestant drugs
9. Status of some prescription drugs
10. Low Socioeconomic Status May Lead To Mental Illness
11. Post-Menopausal Status May Cause Tooth Decay
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... 13, 2016 , ... With FCPX Overlay Embers from Pixel Film Studios users ... Pro X. Each user can select from up to 40 effect overlays. With FCPX ... offset, hue, saturation, value, contrast, glow, and more all within a click of a ...
(Date:2/13/2016)... Lake City, Utah (PRWEB) , ... February 13, 2016 , ... When an Au ... Host Parents aren’t always sure what they are in for and they are often worried ... are more than they were hoping for. This year’s Au Pair of the Year winner’s ...
(Date:2/12/2016)... ... , ... Mystic Buddha Publishing House presents Valentine’s Day tips on different forms ... - Dr. Frederick Lenz. , According to Publisher Roger Cantu, “Blue Skies ... teaching and helping others. Valentine’s Day celebrates love in all its forms, and ...
(Date:2/12/2016)... Falls Church, VA (PRWEB) , ... February 12, 2016 , ... CDRH Enforcement Trends: , ... http://www.fdanews.com/cdrhenforcementtrends , As Winston Churchill said, “Those who don’t learn ... 2015 will show what to expect when they come knocking this year. But that takes ...
(Date:2/12/2016)... CITY, California (PRWEB) , ... February 12, 2016 , ... ... announce their participation in Red Carpet Events LA GRAMMY’s Style Lounge Event. Coco Libre ... healthy way to stay hydrated before the big event. The invitation-only gifting suite, held ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... Stem cells are primitive cells found in ... the capacity to differentiate into mature cell types Stem ... first mouse embryonic stem cells were derived from embryos ... the first culturing of embryonic stem cells from non-human ... until 2006 As a result of these discoveries, stem ...
(Date:2/11/2016)... 2016  Walgreens has committed to provide drug disposal ... Washington, D.C. as part of a program ... by shareholder advocacy organization As You Sow. Conrad ... people hold on to unneeded drugs because they lack easily ... --> Conrad MacKerron , Senior Vice President ...
(Date:2/11/2016)... Feb. 11, 2016  NOIT™ Research LLC, a private, ... of Change" campaign to assist needy families in obtaining ... unit sold between February 10, 2016 and March 31, ... needy family. The NOIT is an auditory stimulus that ... develop language skills. Beth Shier , ...
Breaking Medicine Technology: