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:10/13/2017)... ... 13, 2017 , ... Ellevate Network, the leading network for professional women, brought ... gender equality at their inaugural Summit in New York City in June. The event ... audience of over 3 million. To watch the Mobilize Women video, click here ...
(Date:10/13/2017)... ... October 13, 2017 , ... Coveros, a leader ... been awarded a contract by the Center for Medicare and Medicaid Services (CMS). ... the enterprise use of Agile methodologies in a consistent and high value manner ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and San Francisco ... using cutting-edge Oventus O2Vent technology. As many as 18 million Americans are estimated ... in breathing. Oral appliances can offer significant relief to about 75 percent of ...
(Date:10/12/2017)... ... October 12, 2017 , ... The American College of Medical Informatics (ACMI) ... FACMI, during the Opening Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s ... Morris F. Collen, a pioneer in the field of medical informatics, this prestigious award ...
(Date:10/12/2017)... ... October 12, 2017 , ... HMP , a leader in healthcare ... Folio Magazine Eddie Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were announced during ... , The annual award competition recognizes editorial and design excellence across a range of ...
Breaking Medicine News(10 mins):
(Date:10/7/2017)... --  Provista, a proven leader in the supply ... power, today announced a new resource area on Provistaco.com ... is the online home for case studies, articles on ... releases, slideshows and events. ... at their fingertips, viewers can also watch short videos ...
(Date:10/4/2017)... WESTWOOD, Mass. , Oct. 4, 2017  According to the Centers ... by the end of October . PhysicianOne Urgent Care is helping communities ... Westchester, NY , by offering no-cost* flu shots through ... , as mandated by certain health insurance regulations. ... The best time to get a flu shot is by ...
(Date:10/2/2017)... INDIANAPOLIS , Oct. 2, 2017  Eli Lilly ... its financial results for the third quarter of 2017 ... a conference call on that day with the investment ... performance. The conference call will begin at ... public can access a live webcast of the conference ...
Breaking Medicine Technology: