The Westaim Corporation Provides Fourth Quarter and Full Year 2021 Results Update

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TORONTO — The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) today announces that it now expects to release audited fourth quarter and full year 2021 results no later than April 15, 2022. As previously announced, as Westaim and Skyward Specialty prepare for future strategic opportunities to enhance shareholder value, Ernst & Young LLP (“EY”) has been engaged to perform the independent audit of Skyward Specialty for the years ended 31 December 2020 and 2021. Westaim expects EY’s external audit of Skyward Specialty to be in the final stages of completion.

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Westaim expects its results for the fourth quarter and full year 2021 to be in line with preliminary results previously provided. Please refer to Westaim’s previous press release dated March 24, 2022 for highlights and expected earnings range for Westaim, Skyward Specialty, Arena FINCOs and Arena Investors.

“Skyward management is working very diligently to complete its independent audit for 2020 and 2021. We appreciate our shareholders’ patience with this process and look forward to communicating shortly the continued positive momentum we have across all of our businesses. .” said Cameron MacDonald, CEO of Westaim.

About Westaim

Westaim is a Canadian investment firm specializing in providing long-term capital to companies operating primarily in the global financial services sector. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and effective wealth preservation. Westaim’s strategy is to seek investment opportunities with a focus on the financial services sector and to enhance long-term shareholder value. Westaim’s investments include significant holdings in Skyward Specialty, Arena Investors and Arena FINCOs. Skyward Specialty, the HIIG partnership, Arena FINCOs and Arena Investors are defined in the notes to Westaim’s unaudited consolidated financial statements for the nine months ended September 30, 2021 and 2020 and the MD&A. Westaim’s common shares are listed on the TSX Venture Exchange under the symbol WED.

Except for statements of historical facts contained in this press release, the information contained in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws, including with respect to the publication of our results for the fourth quarter and full year 2021. of historical facts, 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 to be accurate. Future results and events could differ materially from those anticipated in these statements. 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 publicly update any forward-looking information, whether as a result of new information, future events or otherwise. The information provided herein does not constitute an offer or solicitation for investment products offered by Arena Investors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220407006058/en/

contacts

J. Cameron MacDonald, President and Chief Executive Officer or
Robert T. Kittel, Chief Operating Officer
The Westaim company
[email protected]
(416)969-3333

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Luisa D. Fuller