Navigation Links
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 into the MSA was made by the independent directors of the Company who also determined that the transaction was exempt from the valuation and minority approval requirements of MI 61-101.

About Westaim

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 the availability of new opportunities to Westaim and the enhancement of 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.


'/>"/>
SOURCE Westaim Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Westaim announces 2008 year-end results
2. The Westaim Corporation requisitions meeting of shareholders of NUCRYST Pharmaceuticals to return capital to NUCRYST shareholders
3. Westaim announces 2008 third quarter results
4. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Third Quarter Results
5. Westaim terminates reorganization agreement and cancels shareholders meeting
6. Westaim to deregister its common stock in the United States
7. Westaim announces sale of iFire Technology Ltd. assets
8. Westaim announces 2008 second quarter results
9. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Second Quarter Results
10. Westaim announces 2008 first quarter results
11. Webcast Advisory - The Westaim Corporation Webcast of Annual Meeting of Shareholders
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... Las Vegas, Nevada (PRWEB) , ... October 13, 2017 , ... ... of 7® Hemp CBD Oil utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum ... CBD dose required and providing a CBD form that can be easily incorporated into ...
(Date:10/13/2017)... N.J. (PRWEB) , ... October 13, 2017 , ... The ... Holly Day Market. Featuring a collection of specialty vendors and unique items from across ... personalized and quality-focused health and wellness services offered by the VNA. The boutique ...
(Date:10/13/2017)... ... October 13, 2017 , ... ... Software Development, has been awarded a contract by the Center for Medicare and ... aims to accelerate the enterprise use of Agile methodologies in a consistent and ...
(Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of the largest and fastest ... to open a flagship location in Covington, LA at 401 N. U.S. Highway 190, ... next to Office Depot in the Holiday Square shopping center. Its location allows it ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... system that we intend to develop to enable prevention of a major side ... severe hearing loss, especially in pediatric patients. For cisplatin, hearing loss is FDA ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... 2017  Caris Life Sciences ® , a leading ... of precision medicine, today announced that St. Jude Medical ... Alliance™ (POA) as its 17 th member. Through ... Crosson Cancer Institute will help develop standards of care ... profiling, making cancer treatment more precise and effective. ...
(Date:10/11/2017)... Holdings, Inc. ("Hill-Rom") (NYSE: HRC), today provided an update ... Puerto Rico , where the company manufactures ... Following a comprehensive onsite assessment, the ... temporary loss of power and minimal water damage due ... have resumed, and the company expects to return to ...
(Date:10/10/2017)... 10, 2017   West Pharmaceutical Services, Inc. ... injectable drug administration, today shared the results of a ... improving the intradermal administration of polio vaccines. The study ... in May 2017 by Dr. Ondrej Mach , ... Health Organization (WHO), and recently published in the journal ...
Breaking Medicine Technology: