The Westaim Corporation Comments on Arena Press Release

TORONTO--(BUSINESS WIRE)--At the request of IIROC, The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) is providing additional details regarding the joint press release issued by Arena Investors and AJW Group on June 14, 2021 (re-released earlier today).

As disclosed in its public filings, 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 Skyward Specialty, Arena Investors and Arena FINCOs. Skyward Specialty, Arena FINCOs and Arena Investors are defined in the notes to Westaim’s unaudited consolidated financial statements for the three months ended March 31, 2021 and 2020 and the MD&A.

Arena Investors is an institutional asset manager founded in partnership with Westaim in 2015. With US$2.2 billion in committed assets under management as of January 1, 2021 and a team of over 80 employees in offices globally, Arena Investors provides creative solutions for those seeking capital in special situations. As disclosed in its public filings, Westaim has a 100% legal ownership interest in Arena Investors and a beneficial ownership and profit percentage in Arena Investors of 51%.

On June 14, 2021, Arena Investors and AJW Group announced a joint venture focused on selective acquisitions of commercial aircraft, engines and components. The partnership will leverage AJW's operational expertise and global network together with Arena Investors extensive experience in aviation-related investments. Through a newly formed entity based in Dublin, AJW and Arena Investors will jointly acquire a targeted portfolio of aircraft and engines to be managed and monetized through AJW's global network.

Arena Investors regularly uses joint ventures as part of its investment strategy and the joint venture with AJW Group is an example of this. As disclosed in the press release of June 14, 2021, the joint venture will be funded with up to US$100 million of committed capital from AJW Group and Arena Investors.

For more information, contact:
J. Cameron MacDonald, President and Chief Executive Officer or
Robert T. Kittel, Chief Operating Officer
The Westaim Corporation
[e-mail]
[phone]

Neither 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.