CALGARY, April 13 /CNW/ - The Westaim Corporation today announced that
the Company has received a NASDAQ Staff Deficiency Letter dated April 10, 2007
advising that for 30 consecutive business days the bid price of the Company's
common stock listed on the NASDAQ under the symbol WEDX has closed below the
minimum US $1.00 per share requirement for continued inclusion on NASDAQ under
NASDAQ Marketplace Rule 4450(a)(5).
As a result, and in accordance with NASDAQ Marketplace Rule 4450(e)(2),
the Company has been given 180 calendar days, or until October 8, 2007, to
regain compliance. If at any time before October 8, 2007 the bid price of
Westaim's common stock closes at or above US $1.00 per share for a minimum of
10 consecutive business days, NASDAQ will notify Westaim that compliance has
been achieved. In certain circumstances, NASDAQ may require the bid price of
Westaim's common stock to close at or above US $1.00 for up to 20 consecutive
business days before confirming compliance.
If Westaim does not regain compliance with NASDAQ Marketplace Rule
4450(a)(5) by October 8, 2007, NASDAQ will provide written notification that
Westaim's securities will be delisted from NASDAQ.
The Westaim Corporation intends to monitor the market value of its listed
securities and consider available options in respect of its NASDAQ listing.
The TSX is the primary exchange on which The Westaim Corporation's common
stock is listed. Since January 1, 2007, trading of the Company's stock on the
TSX has represented approximately 85 per cent of total trading. Westaim's
listing on the TSX is not affected by the NASDAQ Staff Deficiency Letter and
the Company intends to maintain its TSX listing regardless of the status of
its NASDAQ listing.
The Westaim Corporation's technology investments include iFire Technology
Corp., which is developing a low-cost flat panel display technology, and a
74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST;
TSX: NCS), which develops, manufactures and commercializes medical products
that fight infection and inflammation based on its nanocrystalline silver
technology. Westaim's common shares are listed on The Toronto Stock Exchange
under the trading symbol WED and on the NASDAQ under the trading symbol WEDX.
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 involving NASDAQ's
potential future actions, Westaim's consideration of the options available in
respect of its NASDAQ listing, and Westaim's intention to maintain its TSX
listing. Westaim disclaims any intention or obligation to revise
forward-looking statements whether as a result of new information, future
developments or otherwise. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
For further information:
For further information: David Wills, Investor Relations, (416)
504-8464, firstname.lastname@example.org, www.westaim.com