CALGARY, Oct. 20 /CNW/ - The Westaim Corporation announced today its
intention to deregister and terminate its reporting obligations associated
with its previous Nasdaq listing under Sections 12(g) and 15(d) of the U.S.
Securities and Exchange Act of 1934, as amended.
The deregistration and termination in the United States will have no
effect over the Company's common stock or over its shareholders. Westaim's
shares will continue to trade on the TSX under the symbol WED. Additionally,
the Company does not foresee any material financial effect over its assets,
liabilities and results.
During 2007, the bid price of Westaim's common shares listed on Nasdaq
was below US$1.00 for longer than 180 days in contravention of Nasdaq
Marketplace Rule 4450(a)(5) and as a result the Company's shares were delisted
from the Nasdaq and suspended from trading on October 18, 2007.
In connection with the deregistration and termination in the United
States, Westaim will immediately file a Form 15F with the SEC. Upon the filing
of Form 15F, the Company's reporting obligations under the Exchange Act will
be suspended immediately. These reporting obligations will be finally
terminated after a 90-day waiting period, provided that the SEC does not raise
The Westaim Corporation'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 the
Company's intention to deregister and terminate its reporting obligations
associated with its previous Nasdaq listing, the anticipated filing of a Form
15F with the SEC, the date of any filing, the impact of any filing on the
Company's reporting obligations, the effect of a filing upon the Company's
common stock or its shareholders, continued trading of the Company's stock on
the TSX, or the effect of any termination of reporting obligations on the
Company's assets, liabilities and results. 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.
For further information:
For further information: Investor Relations, David Wills, Gillian
McArdle, (416) 504-8464, firstname.lastname@example.org