Business
Westaim announces sale of iFire Technology Ltd. assets
CALGARY, Oct. 17 /CNW/ - The Westaim Corporation announced today a purchase and sale agreement be...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 17 /CNW/ - The Westaim Corporation announced today a\npurchase and sale agreement between its wholly owned subsidiary iFire\nTechnology Ltd. and CTS Group Limited. Under the agreement, iFire will sell\nits equipment, patents and intellectual property for net proceeds of\napproximately US$8.0 million. The sale is subject to several conditions,\nincluding iFire obtaining certain Government of Canada consents and approvals,\nwhich are expected to be obtained by mid-November. CTS Group is a\nCanadian-Chinese joint venture with established operations in Henan province,\nPeople's Republic of China.\n\n\n"iFire management has worked very hard over the past few months to bring\nthis transaction to completion," said Drew Fitch, President & CEO of Westaim.\n"The sale of iFire's assets will provide Westaim with additional cash\nresources as the company pursues its goal of strategically transitioning into\na new sector."\n\n\nWestaim previously announced it has entered into a reorganization\nagreement where it will acquire, subject to shareholder approval, several\nclosely held and profitable businesses that provide products and services in\nthe growing western Canadian construction industry. An information circular\nwas mailed to shareholders on October 15th in advance of a special meeting of\nshareholders to be held on November 21, 2008. Westaim continues to hold a\n74.5 percent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX:\nNCS).\n\n\nThe Westaim Corporation's common shares are listed on The Toronto Stock\nExchange under the trading symbol WED.\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 sale\nof assets, cash resources to be realized from the sale of assets, shareholder\nand other approvals to which acquisition of businesses or sales of assets are\nsubject, conditions upon the sale of assets, Westaim's strategic transition to\na new sector, and the acquisition of businesses. Westaim disclaims any\nintention or obligation to revise forwar...