CALGARY, ALBERTA, CANADA - The Westaim Corporation announced today that for the third quarter ended September 30, 2000, it recorded a net loss of $9.3 million, or 12 cents per share, on revenues of $34.0 million. In the same quarter last year, the company recorded a net loss of $5.3 million, or seven cents per share, on revenues of $30.6 million. The company’s higher net loss reflects the planned increased investment in its technology businesses as part of their commercialization strategies.

For the nine months ended September 30, 2000, the company posted revenues of $107.1 million and a net loss of $14.6 million, or 19 cents per share. For the same period last year, Westaim had revenues of $81.0 million and a net loss of $16.2 million, or 21 cents per share.

At September 30, 2000, Westaim had $124.4 million in cash and short-term investments, and no debt.

“Our technology investments have made excellent progress so far this year, including the recent FDA clearance to begin marketing our new Acticoat® 7 chronic wound dressing,” said Kevin Jenkins, President and CEO of Westaim.

The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. Its technology investments include Westaim Biomedical Corp., which has developed an infection control technology for use in the treatment of wounds, iFire Technology Inc., which has developed a revolutionary low-cost flat panel display, and Savvion, a leader in e-business management software. Westaim's common shares are listed on Nasdaq under the symbol WEDX and on The Toronto Stock Exchange under the trading symbol WED.

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For more information contact:

Tony Johnston, Senior Vice President, Corporate Affairs
The Westaim Corporation
(403) 234-3103
info@westaim.com
www.westaim.com

This news release may contain forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and the Company 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 financial considerations and those predicting the timing and market acceptance of future products. The Company disclaims any intention or obligations to revise forward-looking statements whether as a result of new information, future developments or otherwise. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement.


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