Westaim announces 2007 year-end results (e strategic alternatives said DrewFitch...)

Westaim announces 2007 year-end results

Date:2/15/2008

e strategic alternatives," said Drew Fitch, President & CEO of Westaim. "Late in 2007 we announced our intention to seek a buyer for the business or assets of iFire Technology and this process is still underway. We are continuing our effort to monetize non-core assets and early in 2008 we realized $4.5 million in proceeds from the sale of 75 per cent of our equity interest in a non-core subsidiary. At the same time, we are assessing alternative structures for the Company."

As a result of Westaim's announcement in late 2007 that it would seek a buyer for its iFire Technology subsidiary, the assets and liabilities of iFire are reflected on Westaim's consolidated balance sheet as held for sale and the results of iFire operations are reflected on the consolidated statement of operations as discontinued operations.

The Westaim Corporation's investments include iFire Technology Ltd., and a 74.5 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS). Westaim's common shares are listed and on The Toronto Stock Exchange under the trading symbol WED.

A more detailed discussion of Westaim's 2007 consolidated year end results can be found in the 2007 audited consolidated financial statements and Management's Discussion and Analysis, which will be available at http://www.westaim.com and http://www.sedar.com.

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 effect of reorganization and severance costs related to operational changes in both Westaim and iFire to reduce future annual operating costs, and Westai
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