TORONTO,ONTARIO, CANADA - The Westaim Corporation aggressively advanced its technology portfolio in 2000 and is well positioned for 2001 and years ahead, Westaim President Kevin Jenkins told shareholders at today’s Annual General Meeting. Highlights of today’s meeting include:
iFire Technology Inc.
Westaim’s flat panel display subsidiary, iFire Technology, demonstrated today for the first time an 8.5-inch prototype display built with its enhanced materials system using triple patterning. Triple patterning will allow the company to build video displays with 100 per cent EBU color, the standard industry measurement for quantifying color. iFire expects to achieve 100 per cent EBU color on its 8.5-inch display by mid-year, and on its 17-inch display by year-end. iFire plans to be producing modules using its display technology for the large screen, flat panel TV market in 2003. iFire is currently negotiating with well-known consumer electronics companies to commercialize its technology, and expects to close a partnership agreement by year-end.
Westaim Biomedical Corp.
Westaim Biomedical announced today that it is close to signing a serious acute and chronic wound dressing distribution agreement for its Acticoat® antimicrobial barrier technology. It expects the deal to close by mid-year. Westaim Biomedical also announced it has received FDA clearance for two new Acticoat® products, an absorbent foam dressing and an alginate dressing. Westaim Biomedical is also working on potential lower-dose Acticoat® products for the over-the-counter market, as well as infection control coatings for implant devices and non-dressing anti-infection applications.
Savvion, Inc.
Westaim holds a minority interest in Savvion, Inc., a Silicon Valley-based e-business software company. Savvion’s software, BusinessManagerTM, automates business processes and provides companies with gains in operational efficiencies. In 2000, Savvion recorded sales of approximately US$10 million, with BusinessManagerTM accounting for approximately US$5 million during its initial year of sales. Savvion expects sales of BusinessManagerTM to more than double in 2001.
About the Westaim Corporation
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 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
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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