CALGARY, ALBERTA, CANADA – The Westaim Corporation announced today that for the first quarter ended March 31, 2002, it recorded a net loss of $8.4 million, or 11 cents per share, on revenues of $14.3 million. In the same quarter last year, the company recorded a net loss of $8.0 million, or 10 cents per share, on revenues of $21.1 million.

At March 31, 2002, Westaim had $126.2 million in cash and short-term investments, and no debt.

On April 23, 2002, Westaim held its Annual Meeting of Shareholders. An archived webcast of the AGM and accompanying investor briefing, which provides an update on the company’s businesses, is available on the company website www.westaim.com.

The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. Its technology investments include NUCRYST Pharmaceuticals., which researches, develops and commercializes medical devices and pharmaceutical products based on its nanocrystalline silver technology, and iFire Technology, which has developed a revolutionary low-cost flat panel display. 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
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 forwardlooking statements whether as a result of new information, future developments or otherwise. All forwardlooking statements are expressly qualified in their entirety by this Cautionary Statement.

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