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

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 ABCP held by the Company.

Westaim also announced today that it will actively seek a buyer for its iFire subsidiary. The Company will immediately freeze the development effort on iFire's thick dielectric electroluminescent (TDEL) technology during the sale process, which will reduce iFire's operating costs by approximately 50 percent.

"Despite continued progress in certain aspects of its development plan, iFire's overall progress has been slower than expected. With increasingly demanding specification improvement targets in the flat panel TV market in general, our product development timeline has been extended past the timeframe we had originally expected," said Drew Fitch, President and CEO of The Westaim Corporation. "Westaim continues to believe in the potential of iFire's TDEL technology; however, we do not have the financial resources required to complete the development work necessary for commercialization. We will continue to assess the structure of the Company as the sale process develops."

The Westaim Corporation's technology investments include iFire Technology Corp., which is developing a low-cost flat panel display, and a 74.6 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
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SOURCE Westaim Corporation
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