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TORONTO, Aug. 28, 2014 /CNW/ - In connection with the acquisition by Westaim HIIG Limited Partnership (the Partnership) of approximately 70.8% of the issued and outstanding shares of common stock of Houston International Insurance Group, Ltd. (HIIG) completed on July 31, 2014, The Westaim Corporation (Westaim or the Company) (TSXV: "WED") announced today that it has filed certain selected financial information relating to HIIG. The selected financial information (the HIIG Financial Information) has been derived from the interim unaudited consolidated financial statements of HIIG for the six months ended June 30, 2014. Such statements are the responsibility of the management of HIIG, are unaudited and have been prepared in accordance with United States generally accepted accounting principles (US GAAP).
The HIIG Financial Information is being filed by Westaim with applicable Canadian securities regulators to provide investors with selected information regarding HIIG's most recent financial results. The HIIG Financial Information should be read in conjunction with Westaim's historical financial statements including the notes thereto and the related management's discussion and analysis as well as Westaim's other public filings.
The HIIG Financial Information is available on SEDAR (www.sedar.com).
Westaim is a publicly traded Canadian-based investment company that 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's strategy is to pursue investment opportunities to grow shareholder value (as measured by book value per share) over the long term. Westaim's common shares are listed on the TSX Venture Exchange under the trading symbol WED.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain portions of this press release as well as other public statements by Westaim contain forward-looking statements. Such forward-looking statements include but are not limited to statements concerning: strategies, alternatives and objectives to maximize value for shareholders; expectations and assumptions relating to the Company's business plan; expectations and assumptions relating to HIIG's business and operations; expectations regarding the Company's assets and liabilities; the Company's ability to retain key employees; management's belief that its estimates for determining the valuation of the Company's assets and liabilities are appropriate; the Company's views regarding potential future remediation costs; the effect of changes to interpretations of tax legislation on income tax provisions in future periods; and the Company's determination that the adoption of new accounting standards will not have a material impact on its consolidated financial statements. These statements are based on current expectations that are subject to risks, uncertainties and assumptions and Westaim can give no assurance that these expectations are correct. Westaim's actual results could differ materially from those anticipated by forward-looking statements for various reasons generally beyond our control, including but not limited to: changes in market conditions or deterioration in underlying investments; general economic, market, financing, regulatory and industry developments and conditions; and other risk factors set forth in the Company's public filings. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE: Westaim Corporation
For further information: J. Cameron MacDonald, President and Chief Executive Officer or Robert T. Kittel, Chief Operating Officer and Interim Chief Financial Officer, [email protected], 416-203-2253