Canadian company to offer affordable hang-on-the-wall TVs
TORONTO, ONTARIO, CANADA - iFire Technology Inc., a subsidiary of The Westaim Corporation (TSE: WED; Nasdaq: WEDX), today announced that it has received a $30-million investment for research and development by the Government of Canada. The R&D activities will accelerate iFire Technology’s launch of its affordable flat panel displays into the large screen consumer TV market.
iFire Technology is developing an affordable digital flat panel television that will be less than two-inches thick. By 2004, the consumer market for televisions 25 to 50 inches in size is estimated to be US$66-billion, with most TV sets selling for less than US$3,000. Existing flat panel TV products in this size range sell for three times this amount or more, making them unaffordable to most consumers. By the end of 2003, iFire Technology’s target is to offer consumers a high quality, flat, hang-on-the-wall TV at an affordable price.
About iFireTM flat panel displays
Unlike many flat panel display technologies that depend heavily on the use of expensive semiconductor-type thin-film manufacturing processes, the iFireTM flat panel display is a solid-state electroluminescent technology that relies mostly on lower cost, thick-film processes. Its manufacturing process uses a simple screen-printing technique well known in the capacitor and printed circuit board industry that is less sensitive to contaminants. This translates into fewer process steps, higher yields and lower-cost production equipment and facilities.
iFireTM flat panel display technology has advanced faster than any other display technology in history. iFire Technology’s Toronto research and development facility has grown from 20 employees to more than 150 in the last two years.
Compared with most other flat panel technologies, an iFireTM flat panel display is a very simple device. It does not involve vacuum, gases or liquids, making it more robust than other flat panel technologies with reduced susceptibility to shock, vibration and breakage. iFireTM displays emit light from the front portion of the display, resulting in a wide viewing angle and crisp, clear, full-color images. iFireTM flat panel displays boast one of the widest operating temperature ranges of any electronic display technology, meeting the demanding requirements of transportation displays and other high-reliability applications.
About the Westaim Corporation
The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. In addition to iFire Technology Inc., its technology investments include Westaim Biomedical Corp., which has developed an infection control technology for use in the treatment of wounds, 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 symbol WED.
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For more information contact:
Tony Johnston, Senior Vice President
The Westaim Corporation
(403) 234-3103
info@westaim.com
www.westaim.com
www.ifire.com
Westaim Legal Notice Regarding Forward-Looking Statements
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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