Westaim focuses on core activities

17 Jun 2002

Westaim of Calgary, Canada, has announced that it will sell or close non-core assets to concentrate on its emerging display business iFire Technology and its nanotech company Nucryst Pharmaceuticals. It will close its coinage business and sell its ethylene coating business. Also, with immediate effect Barry Heck will replace Michael Goldstein as president of iFire.

"We have consistently indicated that we will not tolerate sustained losses in our non-core businesses," said Kevin Jenkins, president of Westaim. "Both Nucryst and iFire are entering new and exciting growth phases ... iFire toward pilot production - and will require additional financial and leadership resources."

iFire is targeting the large-screen consumer TV market (greater than 25 inches in size). The company claims its solid-state structure is low-cost and high-performing, with unrestricted viewing angle, fast response time and CRT-quality colour.