November 09, 2009 09:27 ET

West Mountain Capital Corp. Announces Q3 Results

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2009) - West Mountain Capital Corp. (TSX VENTURE:WMT) ("the Company") today released its financial results for the three and nine months ended September 30, 2009.

For the three months ended September 30, 2009, the Company generated sales of $2,556,562 and earnings before interest, taxes, depreciation and amortization (EBITDA) of $1,629,688 versus $449,617 and ($227,580) respectively for the comparative period in 2008. Net income for the quarter increased to $1,497,107 from a net loss of ($343,441) for the same period in 2008 with the Company's working capital increasing by $1,549,656.

"During the third quarter the Company's soil treatment facility located in Wolseley, Saskatchewan processed stockpiles of PCB contaminated soil that were received from various customers during the second quarter," said Paul Antle, President and CEO. "Our staff has been doing an excellent job and our customers are extremely satisfied as we continue to bid for other remediation projects throughout Canada. We are also pursuing similar opportunities in China."

Highlights and milestones for the third quarter include:

- An EBITDA increase of $1,857,268 over the same period in 2008;

- Earnings per share of $0.043;

- Net income of $1,497,107; and

- The exclusive right to use TPS technology in China.

Selected Financial Data

This summary of selected unaudited and audited financial data should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the unaudited and audited financial statements of the Corporation and related notes thereto, for the periods indicated.

Three Months Ended Three Months Ended
September 30, 2009 September 30, 2008
Revenue $2,556,562 $449,617
Net Income (Loss) $1,497,107 $(343,441)
Net Income (Loss) per share $0.043 $(0.010)
Total Shares Outstanding 34,724,667 34,724,667

As at
September 30, 2009 December 31, 2008
Cash $1,852,586 $783,993
Working Capital $1,880,497 $229,509
Total Assets $6,224,024 $4,467,696
Long Term Liabilities $223,820 $725,701
Share Capital $6,935,817 $6,935,817

At West Mountain's Annual General and Special Meeting of Shareholders held on August 31, 2009 the Shareholders re-elected Paul Antle, Sid Dutchak, Dr. John Wiebe, Grant Kook, Steven Thompson, Anthony Vysniauskas and Brian Kohlhammer as the directors of West Mountain.

In addition, West Mountain's Stock Option Plan was re-approved by the shareholders at the Meeting and an aggregate of 875,500 stock options were subsequently distributed under the Plan to various directors, officers and employees of West Mountain. Of the 875,500 options granted, 805,000 options were granted to directors and officers of West Mountain with the balance of options granted to employees. All options have an exercise price of $0.10 per share and expire on August 31, 2014. West Mountain has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of these options.

About Phase Separation Solutions:

PS2 is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. It employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge and waste converting much of it into reusable oil and synthetic natural gas that it uses to sustain the process. This methodology offers significant opportunity for greenhouse gas reduction over traditional hazardous waste destruction technologies. PS2's management team maintains expertise in hazardous waste management and contaminated site remediation with experience spanning North America and internationally throughout 14 countries.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements in respect of the volume of soil to be processed by PS2 under its current contract in Western Canada and in general all soil volumes whether domestic or international from any source. The forward-looking statements and information are based on certain key expectations and assumptions made by West Mountain, including expectations and assumptions concerning the plan to remove and treat such material. Although West Mountain believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because West Mountain can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the removal and treatment of PCB contaminated materials in general, attempting to secure work, the uncertainty of estimates and projections relating to the value of the contract, health, safety and environmental risks, transportation costs, environmental risks, risks associated with working in foreign countries, failure to realize the anticipated benefits of the contract, failure to obtain required regulatory and other approvals, and changes in legislation, including but not limited to environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and West Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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

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