Wednesday May 3rd, 2006
                           The Jane Mallet Theatre
                             St. Lawrence Centre
                            27 Front Street East
                              Toronto, Ontario
                               10:00 a.m. EDT

CALGARY, May 2 /PRNewswire-FirstCall/ - The Westaim Corporation will hold its Annual General Meeting of Shareholders and Investor Briefing on Wednesday, May 3, 2006 at 10:00 a.m. EDT. The meeting will be held at the Jane Mallet Theatre, St. Lawrence Centre, 27 Front Street East, in downtown Toronto.

Both the meeting and investor briefing will be webcast live at www.westaim.com. An audio file of the webcast will be archived and posted on the Westaim website.

The Westaim Corporation's technology investments include: NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS), which researches, develops and commercializes medical devices and pharmaceutical products that fight infection and inflammation 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.

SOURCE  Westaim Corporation
    -0-              05/02/2006
    /CONTACT: Gillian McArdle, (416) 504-8464, info@westaim.com;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca and click on Tools for Investors./
    (WED. WEDX)

CO: Westaim Corporation
ST: Alberta
IN: MLM MTC
SU: CCA

    -30-

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