/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
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).
About Westaim
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