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Westaim enters into Management Services Agreement
Date:4/3/2009

CALGARY, April 3 /PRNewswire-FirstCall/ - The Westaim Corporation today announced that it plans to pursue strategic investment opportunities designed to maximize the value of the Company's strong balance sheet and non-cash resources. To implement this strategy, Westaim has entered into a management services agreement (the "MSA") with Goodwood Management Inc. ("Goodwood"), an affiliate of Goodwood Inc., to manage the day-to-day affairs of the Company and to present strategic investment opportunities for the Board of Directors to consider.

In addition, the Company announced that Cameron MacDonald has been appointed President and CEO of Westaim. He replaces Drew Fitch, who will continue to advise the Company during the transition phase.

"On behalf of the Board, I want to thank Drew Fitch for his many years of service and more recently for his work monetizing the Company's non-core assets that have brought us to this exciting new phase for Westaim," said Ian W. Delaney, Chairman of Westaim. "This new agreement with Goodwood is expected to present many new opportunities for the Company to consider in order to best utilize the assets and resources of Westaim."

"Our strategy will be to fully leverage both our investment resources and our significant experience and expertise to increase shareholder value," said Mr. MacDonald. "We look forward to working with the Board as we actively pursue new investment opportunities for Westaim."

Goodwood Inc., as portfolio manager to certain investment funds, exercises control or direction over an aggregate of 18,747,000 common shares of the Company ("Westaim Shares"), which represents approximately 19.9 per cent of the issued and outstanding Westaim Shares. Accordingly, the execution of the MSA constituted a related party transaction for the Company for the purposes of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The decision to enter i
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