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Westaim announces 2009 first quarter results
Date:5/11/2009

CALGARY, May 11 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that for the quarter ended March 31, 2009, it recorded a net loss of $2.7 million, or 3 cents per share, on revenues of $5.2 million compared to a net loss of $6.9 million, or 7 cents per share, on revenues of $5.2 million in the previous year. The loss from continuing operations for the quarter ended March 31, 2009 was $2.3 million compared to income of $3.2 million for the same period in 2008.

At March 31, 2009, Westaim had $40.2 million in consolidated cash and cash equivalents, compared to $46.8 million at December 31, 2008. Westaim's cash position, excluding cash and cash equivalents held by its 75 per cent owned subsidiary NUCRYST Pharmaceuticals Corp., was $29.6 million. In addition, Westaim held ABCP with a book value of $4.0 million.

"Westaim is well positioned with strong cash and asset resources," said Cameron MacDonald, President & CEO of Westaim. "We will look for opportunities to make the most of our investment resources and leverage our experience to increase shareholders' equity."

Tomorrow, May 12, 2009, The Westaim Corporation is holding its Annual Meeting of Shareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting will be webcast live and is available through the company website www.westaim.com. An archive of the webcast will be posted following the meeting.

The Westaim Corporation invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim holds a 75 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.'/>"/>

SOURCE Westaim Corporation
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