CALGARY, ALBERTA, CANADA - The Westaim Corporation today announced its intention, subject to regulatory approval, to purchase up to 5% or approximately 3.8 million of its common shares.
Westaim has filed a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") with the Toronto Stock Exchange (TSX) and intends to initiate purchases from time to time in accordance with the rules of the TSX. The price which Westaim pays for any common shares acquired under the Bid will be the market price for the common shares at the time of the acquisition.
Westaim believes that at certain times, the underlying value of its common shares may not be reflected in the market price and accordingly believes that the share repurchase program provides value by reducing the number of shares outstanding.
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 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.