CALGARY, Nov. 2 /CNW/ - The Westaim Corporation announced today that it is planning to pursue an initial public offering of the common shares of its NUCRYST Pharmaceuticals subsidiary. It is anticipated that all of the shares will be newly issued shares sold by NUCRYST and that Westaim will not sell any of its NUCRYST shares. NUCRYST plans to raise capital through the offering for: construction of new production facilities and purchase of equipment; clinical trials and other research and development; working capital and other general corporate purposes; and to repay a portion of its debt owed to Westaim. Westaim expects that the offering will occur within the next six months and will be made primarily in the United States. Westaim also expects that it will continue to maintain a controlling interest in NUCRYST following the offering. This press release does not constitute an offer for the sale of securities. The Westaim Corporation's technology investments include: NUCRYST Pharmaceuticals, which develops, manufactures and commercializes medical products that fight infection and inflammation based on its nanocrystalline silver technology; and iFire Technology, which has developed a 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. This press release contains forward looking statements about a possible securities offering by Westaim's Nucryst subsidiary. The occurrence of the offering is subject to market conditions and other uncertainties outside of Nucryst's control. %SEDAR: 00002793E