Navigation Links
Westaim reduces ABCP exposure
Date:11/26/2007

CALGARY, Nov. 26 /PRNewswire-FirstCall/ - The Westaim Corporation announced today that it has reached an agreement to sell 50 per cent of its holdings in Canadian third party asset-backed commercial paper (ABCP) with a book value of $7.0 million for immediate proceeds of $6.0 million. Westaim retains the right to receive additional proceeds in the event the buyer re-sells the related ABCP within six months; in such event, Westaim will receive 50 per cent of any proceeds received by the buyer in excess of $7.2 million.

Westaim has holdings in eight trusts affected by the ABCP market, which has been frozen since mid-August 2007. As part of today's announced sale, Westaim has reduced its holdings in each of the eight trusts by 50 per cent. Until the paper is restructured, or a market otherwise forms for this ABCP, Westaim cannot be certain of the ultimate value it will realize for its remaining holdings.

"Westaim is diversifying its risk in this uncertain global credit market," said Drew Fitch, President & CEO of Westaim. "While we have the option to borrow against our ABCP holdings using the previously announced credit line, we are taking a conservative approach by not being fully exposed to ABCP market values fully covered with debt."

In the third quarter, the Company wrote down its investment in ABCP by $3.0 million to $14 million. Following today's sale, the book value of Westaim's ABCP will be $7 million. The Company announced on November 2, 2007 the receipt of an offer, subject to final documentation, for a credit line of $12.6 million from a major financial institution. The credit facility will be available for one year and will be secured by the equivalent value of ABCP held by the Company. As a result of the Company's agreement to sell certain of its ABCP, the available credit on the proposed credit line will be reduced.

The Westaim Corporation's technology investments include iFire Technology Corp., which is developing a low-cost flat panel display, and a 74.6 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX; NCS), which develops, manufactures and commercializes medical products that fight infection and inflammation based on its nanocrystalline silver technology. 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 potential receipt of additional proceeds, the ultimate value of Westaim's ABCP holdings, diversification of risk, and the availability of credit. 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©2007 PR Newswire.
All rights reserved

Related medicine news :

1. The Westaim Corporation update on status of short-term investments
2. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Third Quarter Results
3. Westaim announces 2007 third quarter results
4. New study: Pine bark reduces perimenopausal symptoms
5. Different method of evaluating the urinary tract system reduces radiation dose
6. Saline Reduces Mortality for Brain Injury Patients
7. New study: Pine bark extract reduces ADHD symptoms in children
8. Radiation therapy technique reduces length of prostate cancer treatment
9. Radiation therapy technique reduces length of prostate cancer treatment
10. MR spectroscopy identifies breast cancer, reduces biopsies
11. Body-mind meditation boosts performance, reduces stress
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... City, Utah (PRWEB) , ... February 11, 2016 ... ... wireless microFET medical dynamometers and ergoFET force gauges used in physical therapy, occupational ... Rehab Strength Indicator sensor for resistance cord exercise and therapy, introduces its new ...
(Date:2/11/2016)... ... ... The book, “Computers Should Just Work!”, provides a basic, non-techie education on ... before signing a contract and how to spot an incompetent or dishonest IT person ... e-mail and technology, it’s more important than ever to make sure the company you ...
(Date:2/10/2016)... WASHINGTON (PRWEB) , ... February 10, 2016 , ... ... to expand the ability of Medicare Advantage organizations to deliver medical services via ... , “ATA has been advocating for such language for many years. ...
(Date:2/10/2016)... York, NY (PRWEB) , ... February 10, 2016 , ... ... campaign to celebrate and raise awareness of Nestlé KITKAT as the first global confectionery ... the lives of cocoa farmers and the quality of their product, through activities that ...
(Date:2/10/2016)... ... February 10, 2016 , ... Western University ... health services to the developmentally disabled in the Coachella Valley. , The two ... new facility at 71-949 Highway 111, Suite 100-B, in Rancho Mirage, California. The ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)...  Aytu BioScience, Inc. (OTCQX: AYTU), a specialty healthcare ... conditions, announced today that the Company will present its ... on Tuesday, February 16, 2016, at 4:30 p.m. ET.  ... overview of its business and growth strategy, as well ... 31, 2015. --> ...
(Date:2/11/2016)... , Feb. 11, 2016  Galmed Pharmaceuticals Ltd. (Nasdaq: ... on the development of a once-daily, oral therapy for ... Chief Medical Officer, Dr. Maya Halpern , has notified ... Chief Medical Officer and from its Board of Directors ... reaching retirement age. Allen Baharaff . Mr. ...
(Date:2/11/2016)... , February 11, 2016 ... Autoclave Market Report 2016 research report provides information ... regions, development status with crucial statistical data and ... http://www.deepresearchreports.com/142870.html . --> Complete report ... 19 companies and supported with 296 tables and ...
Breaking Medicine Technology: