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Westaim announces 2009 first quarter results

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 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.

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 Westaim's examination of possible new investment opportunities in an effort to enhance shareholder value. 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.

    Financial Highlights
    (thousands of dollars except per share data)

                                                        Three Months Ended
                                                             March 31
    Consolidated Statements of Operations                 2009          2008

    Revenue                                          $   5,174     $   5,209
    (Loss) income from continuing operations            (2,339)        3,227
    Net loss                                            (2,681)       (6,857)
    Net (loss) income per common share - basic
     and diluted
      Continuing operations                              (0.02)         0.03
      Net loss                                           (0.03)        (0.07)
    Weighted average number of common
    shares outstanding (thousands)                      94,216        94,186


                                                         Three Months Ended
                                                             March 31
    Segmented Information                                 2009          2008

    Revenue from continuing operations
      Nucryst Pharmaceuticals                        $   5,174     $   5,209

    (Loss) income from continuing operations
      Nucryst Pharmaceuticals                        $  (1,377)    $  (2,238)
      Other (including corporate costs)                   (962)        5,465
    (Loss) income from continuing operations         $  (2,339)    $   3,227

                                                      March 31,  December 31,
    Consolidated Balance Sheets                           2009          2008

    Cash and cash equivalents                        $  40,159     $  46,768
    Current assets                                      50,254        59,783
    Other assets                                        16,818        17,494
    Current liabilities                                  7,132         9,841
    Shareholders' equity                                47,830        50,002

SOURCE Westaim Corporation
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