Westaim announces 2007 year-end results (m's intention to explore strategicaltern...)

Westaim announces 2007 year-end results

Date:2/15/2008

m's intention to explore strategic alternatives, to seek a buyer for the business or assets of iFire, and to monetize non-core assets. 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.

THE WESTAIM CORPORATION

Financial Highlights

(unaudited)

(thousands of dollars except per share data)

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Three Months Ended Twelve Months Ended

December 31 December 31

--------------------- ---------------------

Consolidated Statements of

Operations 2007 2006 2007 2006

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Revenue $ 11,174 $ 5,140 $ 31,830 $ 27,591

Income (loss) from continuing

operations 1,169 (2,200) (2,830) (12,861)

Net loss (26,807) (11,019) (58,033) (50,557)

Net income (loss) per common

share - basic and diluted

Continuing operations 0.01 (0.02) (0.03) (0.14)

Net loss (0.28) (0.12) (0.62) (0.54)

Weighted average number of

common shares outstanding

(thousands) 94,136 93,797 94,070 93,523

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