Goodwood Inc. acquires common shares of The Westaim Corporation

    TORONTO, Dec. 3 /CNW/ - Goodwood Inc. ("Goodwood") announced that, on
December 2, 2008, as portfolio manager to certain investment funds, it
acquired control or direction over 13,100,000 common shares (each a "Westaim
Share") of The Westaim Corporation ("Westaim") or approximately 13.9% of the
issued and outstanding Westaim Shares. As a result of the acquisition of such
shares, Goodwood now exercises control or direction over an aggregate of
18,657,000 Westaim Shares, representing approximately 19.8% of the issued and
outstanding Westaim Shares. The Westaim Shares acquired by Goodwood on
December 2, 2008 were purchased in the open market on the Toronto Stock
Exchange at various prices ranging from $0.22 to $0.25 per Westaim Share.
    Goodwood acquired the Westaim Shares for investment purposes. Subject to
applicable law, Goodwood may acquire additional Westaim Shares in the open
market, by private agreement or otherwise, subject to their availability at
attractive prices, market conditions and other relevant factors. Subject to
applicable law, Goodwood may from time to time have discussions with other
shareholders of Westaim and its board of directors and management regarding
Westaim, its prospects and potential means for enhancing shareholder value,
including without limitation, with respect to potential changes in the
business, strategy or board composition of Westaim. Goodwood may also from
time to time initiate or participate in such other actions as it considers
necessary to seek to enhance shareholder value at Westaim, including without
limitation, actions intended to cause changes to the business, strategy or
board composition of Westaim and which may include requisitioning a meeting of
shareholders of Westaim and soliciting proxies in connection therewith and/or
making one or more shareholder proposals in relation to Westaim.

    Goodwood's address is 212 King Street West, Suite 201, Toronto, Ontario
M5H 1K5 Canada.

For further information:

For further information: or to obtain a copy of the report filed with
provincial securities regulators in connection with this press release, please
contact: Peter H. Puccetti, CFA, Chairman and Chief Investment Officer,
Goodwood Inc., (416) 203-2722 (telephone), (416) 203-0734 (facsimile)

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