Hopefully this will free up some cash until next year without management needing to delute...
The Westaim Corporation sells Fort Saskatchewan real estate holdings for $13.5M 5/8/2007
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CALGARY, May 8 /PRNewswire-FirstCall/ - The Westaim Corporation announced today it has sold its real estate holdings in Fort Saskatchewan, Alberta, for net proceeds of $13.5 million. The company will record a book gain of approximately $7.5 million on the transaction.
"As part of our review of the company's business strategy, we determined that our Fort Saskatchewan real estate assets are no longer key to our future plans," said Barry M. Heck, President & CEO, The Westaim Corporation. "We believe it is in the best interest of Westaim's shareholders to realize the value of this non-core asset to strengthen our balance sheet. The facility is partially occupied by NUCRYST Pharmaceuticals which will continue as a tenant under existing long-term leases."
On April 23, 2007, Westaim announced it was conducting a strategic review of its business strategy to determine the optimal use of existing resources and assets to maximize value for shareholders. At March 31, 2007, Westaim had $51.7 million in consolidated cash and short-term investments, which includes $21.2 million of NUCRYST Pharmaceuticals Corp. cash and short-term investments. The gain on the sale will be recorded in the second quarter of 2007.
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