Westaim announces 2008 second quart... (rch 31 2008. Westaim'scash position excl...)

Westaim announces 2008 second quarter results

Date:8/13/2008

rch 31, 2008. Westaim's cash position, excluding cash and cash equivalents held by its 74.5 per cent owned affiliate NUCRYST Pharmaceuticals Corp., was $12.6 million compared to $14.2 million at March 31, 2008. In addition, Westaim held asset-backed commercial paper (ABCP) with an estimated fair value of $6.0 million.

"The Board of Directors is continuing to assess strategic alternatives for the Company," said Drew Fitch, President & CEO of The Westaim Corporation. "Our focus during the quarter has been on the divestiture of iFire's assets. At the same time, we have been considering all possible options for the longer-term structure of the corporate organization moving forward."

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 on The Toronto Stock Exchange under the trading symbol WED.

A more detailed discussion of Westaim's 2008 second quarter results can be found 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 assessment of strategic alternatives for the Company, expectations regarding value to be realized from the sale of assets, and consideration of possible options for the longer-term structure of the corporate organization. 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 pla
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