Business
The Westaim Corporation sells Fort Saskatchewan real estate holdings for $13.5M
The Westaim Corporation sells Fort Saskatchewan real estate holdings for $13.5M.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, May 8 /CNW/ - The Westaim Corporation announced today it has\nsold its real estate holdings in Fort Saskatchewan, Alberta, for net proceeds\nof $13.5 million. The company will record a book gain of approximately $7.5\nmillion on the transaction.\n\n\n"As part of our review of the company's business strategy, we determined\nthat our Fort Saskatchewan real estate assets are no longer key to our future\nplans," said Barry M. Heck, President & CEO, The Westaim Corporation. "We\nbelieve it is in the best interest of Westaim's shareholders to realize the\nvalue of this non-core asset to strengthen our balance sheet. The facility is\npartially occupied by NUCRYST Pharmaceuticals which will continue as a tenant\nunder existing long-term leases."\n\n\nOn April 23, 2007, Westaim announced it was conducting a strategic review\nof its business strategy to determine the optimal use of existing resources\nand assets to maximize value for shareholders. At March 31, 2007, Westaim had\n$51.7 million in consolidated cash and short-term investments, which includes\n$21.2 million of NUCRYST Pharmaceuticals Corp. cash and short-term\ninvestments. The gain on the sale will be recorded in the second quarter of\n2007.\n\n\nThe Westaim Corporation's technology investments include iFire Technology\nCorp., which is developing a low-cost flat panel display technology, and a\n74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX;\nNCS), which develops, manufactures and commercializes medical products that\nfight infection and inflammation based on its nanocrystalline silver\ntechnology. Westaim's common shares are listed on The Toronto Stock Exchange\nunder the trading symbol WED and on the NASDAQ under the trading symbol WEDX.\n\n\nThis news release contains forward-looking statements. These statements\nare based on current expectations that are subject to risks and uncertainties,\nand Westaim can give no assurance that these expectations are correct. Various\nfactors could cause actual results to differ materially from those projected\nin such statements, including but not limited to statements regarding\nNUCRYST's continued occupancy of premises. Westaim disclaims any intention or\nobligation to revise forward-looking statements whether as a result of new\ninformation, future developments or o...