TORONTO, April 16, 2018 /CNW/ - The Westaim Corporation
("Westaim" or the "Company") (TSXV: "WED") announces
that, in view of the ongoing insurance industry consolidation
activity and the receipt by Westaim and Houston International
Insurance Group, Ltd. ("HIIG") of several unsolicited
enquiries, Westaim and HIIG may consider opportunities to enhance
the growth and value of HIIG.
J. Cameron MacDonald, President
and Chief Executive Officer of Westaim, stated: "Westaim's
mandate is to align our capital with experienced management teams
in order to build great businesses. Under Stephen Way's leadership for the past four
years, HIIG has significantly improved its financial position,
acquired and established new business lines, prepared the
organization for larger scale and assembled a highly skilled and
experienced management team. As a result, HIIG is
currently in an excellent position to accelerate the growth of its
business, particularly in an improving industry
environment".
Westaim and HIIG do not intend to set a definitive schedule for
the consideration of alternatives or any related process. Westaim
does not intend to periodically or otherwise disclose developments
with respect to this review unless the Company's Board determines
that disclosure is necessary or appropriate.
About Westaim
Westaim is a Canadian investment company specializing in
providing long-term capital to businesses operating primarily
within the global financial services industry. The Company 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 with a focus towards the financial services industry
and grow shareholder value over the long-term. Westaim's
investments include significant interests in HIIG and the Arena
Group of companies. Westaim's common shares are listed and posted
for trading on the TSX Venture Exchange under the trading symbol
WED.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Except for statements of historical fact contained herein,
information in this press release may constitute "forward-looking
information" within the meaning of Canadian securities laws. Other
than statements of historical fact, all statements that involve
various known and unknown risks, uncertainties and other factors
are "forward-looking statements". There can be no assurance that
such statements will prove accurate. Results and future events
could differ materially from those anticipated in such statements.
These forward-looking 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: (i) the
ability of HIIG to continue to execute on its business strategy
during the strategic review process, and the various risks and
assumptions customarily related thereto; (ii) the likelihood that
the Company will be able to identify and undertake alternatives
which enhance shareholder value; (iii) changes in market conditions
or deterioration in underlying investments; (iv) general economic,
market, financing, regulatory and industry developments and
conditions; and (v) other risk factors set forth in Westaim's
annual information form for its fiscal year ended December 31, 2017. Readers of this press release
are cautioned not to place undue reliance on these "forward-looking
statements". Except as otherwise required by applicable law,
Westaim expressly disclaims any intention or obligation to update
publicly any forward-looking information, whether as a result of
new information, future events or otherwise.
SOURCE Westaim Corporation