CALGARY, ALBERTA, CANADA – The Westaim Corporation announced today it will initiate a plan to maximize shareholder value. The Company does not believe that its current share price accurately reflects the present or potential value of its technology investments.

As part of its plan, The Board of Directors has engaged Griffiths McBurney & Partners as its financial advisor to pursue and review strategic options for the company.

Barry M Heck, President and Chief Executive Officer of Westaim also announced that Anthony B. Johnston has been appointed President of iFire Technology. Mr. Johnston currently serves as Executive Vice President of iFire and as Senior Vice President of Westaim. Mr. Heck will continue to lead all partner negotiations for iFire Technology.

As of September 30, 2002, Westaim had $104.9 million in cash and short term investments and no debt.

The Westaim Corporation’s 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.

-30-

For more information contact:
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.