Business
The Westaim Corporation statement on status of short-term investments
The Westaim Corporation statement on status of short-term investments.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 20 /CNW/ - In response to the current liquidity situation\nin the asset-backed commercial paper market, The Westaim Corporation announced\ntoday that the Company has $19.7 million invested in asset-backed commercial\npaper (ABCP) maturing on various dates over the next two months. These\nsecurities, which meet the criteria of The Westaim Corporation's investment\npolicy, have been rated R-1 (high) by DBRS Limited. However, until these\nsecurities mature, Westaim cannot be certain that they will be repaid\npromptly, in which event there could be adverse consequences to the Company in\nthe future.\n\n\nThe Company also has approximately $12 million in bank deposits and\nbankers' acceptances that are unaffected by liquidity issues impacting the\nABCP market. At June 30, 2007, Westaim had a total of $33.9 million in cash\nand short-term investments, excluding the cash equivalents held by its\n74.8 per cent owned affiliate NUCRYST Pharmaceuticals Corp.\n\n\n"Westaim has sufficient non-ABCP cash and liquid investments to continue\noperations well into the first quarter of 2008," said Drew Fitch, President &\nCEO, The Westaim Corporation. "During the next few months, we will be actively\nmonitoring the asset-backed commercial paper situation and taking steps to\nensure we continue to have access to cash necessary to fund our operations."\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 the\nrepayment of mature securities, potential ad...