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Westaim announces 2008 year-end results
Date:2/18/2009

., was $18.0 million. In addition, Westaim held ABCP with a book value of $4.3 million.

"Westaim's strong cash position is a significant advantage for the Company as we continue our review of strategic alternatives," said Drew Fitch, President & CEO of Westaim. "Westaim's cash resources, together with the return of capital to be received from NUCRYST in Q1 2009, will provide the Company a strong consolidated footing as we examine new investment opportunities to enhance shareholder value."

The Westaim Corporation's common shares are listed on The Toronto Stock Exchange under the trading symbol WED. Westaim holds a 74.7 percent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS).

A more detailed discussion of Westaim's 2008 consolidated year end results can be found in the 2008 audited consolidated financial statements and Management's Discussion and Analysis, which will be available at www.westaim.com and www.sedar.com

This news release contains forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and Westaim 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 but not limited to statements regarding Westaim's pursuit of strategic alternatives and examination of possible new investment opportunities in an effort to enhance shareholder value. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. Accordingly, readers are advised not to place undue reliance on forward-looking statements, and should not rely on t
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