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:6/26/2016)... Viejo, California (PRWEB) , ... June 26, 2016 , ... ... Final Cut Pro X. , "Film editors can give their videos a whole new ... said Christina Austin - CEO of Pixel Film Studios. , ProSlice Levels contains ...
(Date:6/26/2016)... Clarkston, Michigan (PRWEB) , ... June 26, 2016 ... ... respect to fertility once they have been diagnosed with endometriosis. These women need ... but they also require a comprehensive approach that can help for preservation of ...
(Date:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
(Date:6/25/2016)... ... 25, 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned ... the David Geffen School of Medicine at UCLA. He trained in Internal Medicine at ... fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity ...
(Date:6/25/2016)... Canada (PRWEB) , ... June 25, 2016 , ... Conventional ... pursuit of success. In terms of the latter, setting the bar too high can ... risk more than just slow progress toward their goal. , Research from ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... ALEXANDRIA, Va. , June 24, 2016 ... a set of recommendations that would allow ... information (HCEI) with entities that make formulary and coverage ... determine the "value" of new medicines. The ... that does not appear on the drug label, a ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... "The World Market for Companion Diagnostic Tests" report to ... World Market for Companion Diagnostics The World ... diagnostic and personalized medicine diagnostics. Market analysis in the report ... Diagnostics Test Market (In Vitro Diagnostic Kits) by Region (N. ...
(Date:6/24/2016)... NAMUR , Belgium , ...  (NYSE MKT: VNRX), today announced the appointment of ... Board of Directors as a Non-Executive Director, effective ... the Company,s Audit, Compensation and Nominations and Governance ... Board, Dr. Futcher will provide independent expertise and ...
Breaking Medicine Technology: