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Westaim announces sale of iFire assets - Quick facts

Westaim Corp. (WED.TO) on Friday announced a purchase and sale agreement between its wholly owned subsidiary iFire Technology Ltd. and CTS Group Ltd.

Under the agreement, iFire will sell its equipment, patents and intellectual property for net proceeds of about US$8.0 million.

The sale is subject to several conditions, including iFire obtaining certain Government of Canada consents and approvals, which are expected to be obtained by mid-November.

CTS Group is a Canadian-Chinese joint venture with established operations in Henan province, People's Republic of China.

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