Navigation Links
Westaim announces sale of iFire Technology Ltd. assets
Date:10/17/2008

CALGARY, Oct. 17 /PRNewswire-FirstCall/ - The Westaim Corporation announced today a purchase and sale agreement between its wholly owned subsidiary iFire Technology Ltd. and CTS Group Limited. Under the agreement, iFire will sell its equipment, patents and intellectual property for net proceeds of approximately US$8.0 million. The sale is subject to several conditions, including iFire obtaining certain Government of Canada consents and approvals, which are expected to be obtained by mid-November. CTS Group is a Canadian-Chinese joint venture with established operations in Henan province, People's Republic of China.

"iFire management has worked very hard over the past few months to bring this transaction to completion," said Drew Fitch, President & CEO of Westaim. "The sale of iFire's assets will provide Westaim with additional cash resources as the company pursues its goal of strategically transitioning into a new sector."

Westaim previously announced it has entered into a reorganization agreement where it will acquire, subject to shareholder approval, several closely held and profitable businesses that provide products and services in the growing western Canadian construction industry. An information circular was mailed to shareholders on October 15th in advance of a special meeting of shareholders to be held on November 21, 2008. Westaim continues to hold a 74.5 percent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS).

The Westaim Corporation'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 the sale of assets, cash resources to be realized from the sale of assets, shareholder and other approvals to which acquisition of businesses or sales of assets are subject, conditions upon the sale of assets, Westaim's strategic transition to a new sector, and the acquisition of businesses. 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.


'/>"/>
SOURCE Westaim Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Westaim announces 2008 second quarter results
2. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Second Quarter Results
3. Westaim announces 2008 first quarter results
4. Webcast Advisory - The Westaim Corporation Webcast of Annual Meeting of Shareholders
5. Westaim announces 2007 year-end results
6. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Fourth Quarter Results
7. Westaim reduces ABCP exposure
8. Westaim announces 2007 third quarter results
9. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Third Quarter Results
10. The Westaim Corporation update on status of short-term investments
11. US Oncologys Innovent Oncology Division Announces First Agreement Between Rocky Mountain Cancer Centers and Colorado Public Employees Retirement Association
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is ... Road To Recovery® program to drive cancer patients to and from their cancer treatments. ... the highest quality of life and ongoing independence. Getting to and from medical ...
(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. are sharpening their pencils ... an essay contest in which patients and their families pay tribute to a genetic ... 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference (AEC) this September. ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... ... Haute Living, is proud to recognize Dr. Barry M. Weintraub as a prominent ... “the most beautiful women in the world, and the most handsome men, look ...
(Date:6/24/2016)... ... June 24, 2016 , ... Strategic Capital Partners, ... economy by obtaining investment capital for emerging technology companies. SCP has delivered ... already resulted in more than a million dollars of capital investment for five ...
(Date:6/24/2016)... Washington, D.C. (PRWEB) , ... June 24, 2016 , ... ... Pro-Am Heroes Golf Classic Tournament held on June 20th at the Woodmont Country ... local charity, Luke’s Wings, an organization dedicated to helping service members that have been ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... DUBLIN , June 23, 2016 ... "Global MEMS Devices Medical Market Analysis 2016 - Forecast to ... The report contains up to date financial ... reliable analysis. Assessment of major trends with potential impact on ... dive analysis of market segmentation which comprises of sub markets, ...
(Date:6/23/2016)... and INDIANAPOLIS , June ... receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship is any ... scholarship winners, announced today online at www.diabetesscholars.org ... type 1 diabetes stand in the way of academic ... supported the Foundation,s scholarship program since 2012, and continues ...
(Date:6/23/2016)... 2016 Research and Markets has ... Global Analysis (United States, China, Japan, Brazil, United Kingdom, ... their offering. Surgical ... business planners, provides surgical procedure volume data in a ... an in-depth analysis of growth drivers and inhibitors, including ...
Breaking Medicine Technology: