Westaim announces 2009 first quarter results

    CALGARY, May 11 /CNW/ - The Westaim Corporation announced today that for
the quarter ended March 31, 2009, it recorded a net loss of $2.7 million, or 3
cents per share, on revenues of $5.2 million compared to a net loss of $6.9
million, or 7 cents per share, on revenues of $5.2 million in the previous
year. The loss from continuing operations for the quarter ended March 31, 2009
was $2.3 million compared to income of $3.2 million for the same period in
    At March 31, 2009, Westaim had $40.2 million in consolidated cash and
cash equivalents, compared to $46.8 million at December 31, 2008. Westaim's
cash position, excluding cash and cash equivalents held by its 75 per cent
owned subsidiary NUCRYST Pharmaceuticals Corp., was $29.6 million. In
addition, Westaim held ABCP with a book value of $4.0 million.
    "Westaim is well positioned with strong cash and asset resources," said
Cameron MacDonald, President & CEO of Westaim. "We will look for opportunities
to make the most of our investment resources and leverage our experience to
increase shareholders' equity."
    Tomorrow, May 12, 2009, The Westaim Corporation is holding its Annual
Meeting of Shareholders in Toronto, Canada at 10:00 a.m. EDT. The meeting will
be webcast live and is available through the company website www.westaim.com.
An archive of the webcast will be posted following the meeting.

    The Westaim Corporation invests, directly and indirectly, through
acquisitions, joint ventures and other arrangements, with the objective of
providing its shareholders with capital appreciation and real wealth
preservation. Westaim holds a 75 per cent interest in NUCRYST Pharmaceuticals
Corp. (NASDAQ:   NCST; TSX: NCS). Westaim's common shares are listed on The
Toronto Stock Exchange under the trading symbol WED.

    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 regarding
Westaim's examination of possible new investment opportunities in an effort to
enhance shareholder value. Westaim disclaims any intention or obligation to
revise forward-looking statements whether as a result of new information,
future developments or otherwise. Accordingly, readers are advised not to
place undue reliance on forward-looking statements, and should not rely on
this information at any date other than the date of this news release. All
forward-looking statements are expressly qualified in their entirety by this
cautionary statement.

    Financial Highlights
    (thousands of dollars except per share data)

                                                        Three Months Ended
                                                             March 31
    Consolidated Statements of Operations                 2009          2008

    Revenue                                          $   5,174     $   5,209
    (Loss) income from continuing operations            (2,339)        3,227
    Net loss                                            (2,681)       (6,857)
    Net (loss) income per common share - basic
     and diluted
      Continuing operations                              (0.02)         0.03
      Net loss                                           (0.03)        (0.07)
    Weighted average number of common
    shares outstanding (thousands)                      94,216        94,186


                                                         Three Months Ended
                                                             March 31
    Segmented Information                                 2009          2008

    Revenue from continuing operations
      Nucryst Pharmaceuticals                        $   5,174     $   5,209

    (Loss) income from continuing operations
      Nucryst Pharmaceuticals                        $  (1,377)    $  (2,238)
      Other (including corporate costs)                   (962)        5,465
    (Loss) income from continuing operations         $  (2,339)    $   3,227

                                                      March 31,  December 31,
    Consolidated Balance Sheets                           2009          2008

    Cash and cash equivalents                        $  40,159     $  46,768
    Current assets                                      50,254        59,783
    Other assets                                        16,818        17,494
    Current liabilities                                  7,132         9,841
    Shareholders' equity                                47,830        50,002

    %SEDAR: 00002793E

For further information:

For further information: Cameron MacDonald, President and Chief
Executive Officer, The Westaim Corporation, (416) 203-2022, info@westaim.com

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