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Westaim announces 2007 third quarter results
Date:11/13/2007

Company to seek buyer for iFire Technology Corp.

CALGARY, Nov. 13 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the third quarter ended September 30, 2007, it recorded a net loss of $17.1 million or 18 cents per share, on revenues of $7.8 million. In the same quarter last year, the company recorded a net loss of $9.6 million, or 10 cents per share, on revenues of $8.2 million.

In the third quarter of 2007, the Company recorded reorganization costs including severance, of $2.3 million related to operational changes that will significantly reduce the Company's annual operating costs. In addition, in the third quarter, the Company wrote down its investment in Canadian third-party asset-backed commercial paper (ABCP) by $3.0 million.

For the nine months ended September 30, 2007, the Company posted a net loss of $31.2 million or 33 cents per share on revenues of $20.7 million. For the same period in 2006, Westaim reported a net loss of $39.5 million or 42 cents per share on revenues of $22.5 million. Results in 2007 benefited from an $8.6 million gain on the sale of real estate and a dilution gain of $4.5 million reported earlier in the year. These benefits have been partially offset by corporate restructuring costs of $6.6 million incurred in 2007.

At September 30, 2007, Westaim had $32.6 million in consolidated cash and short-term investments. Westaim's cash position, excluding cash and short-term investments held by its 74.6 per cent owned affiliate NUCRYST Pharmaceuticals Corp., was $12.2 million. In addition, Westaim held third-party ABCP with a book value of $14.1 million. As previously reported, 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.

The Company announced on November 2, 2007 the receipt of
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SOURCE Westaim Corporation
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