February 25, 2010 17:32 ET

West Mountain Capital Corp. Announces Record Earnings in 2009

CALGARY, ALBERTA--(Marketwire - Feb. 25, 2010) - West Mountain Capital Corp. (TSX VENTURE:WMT) ("the Company") is pleased to release its financial results for the year ended December 31, 2009.

For the year ended December 31, 2009, the Company generated sales of $5,884,361 and earnings before interest, taxes, depreciation and amortization (EBITDA) of $2,907,006 versus no sales and (EBITDA) of ($821,053) for the year ended December 31, 2008. Net income for the year increased to $2,508,147 from a net loss of ($1,430,758) for the same period in 2008 with the Company's working capital increasing by $2,276,488. During the year the Company's soil treatment facility located in Wolseley, Saskatchewan processed stockpiles of PCB contaminated soil from a number of customers on a continuous basis. 

"2009 saw the resurgence of the PCB contaminated soil market with the adoption of the new amended Federal PCB Regulations and the Company secured its fair share of the national inventory," said Paul Antle, President and CEO. "Since our Wolseley Facility returned to full operation in March it has been operating continuously without any unscheduled maintenance shut-downs." 

Highlights and milestones for the year include:

  • An EBITDA increase of $3,728,059 as compared to 2008;
  • Earnings per share of $0.07;
  • Net income of $2,508,147; and
  • The exclusive right to use TPS technology in China.

Selected Financial Data

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

  Year Ended   Year Ended
  December 31, 2009   December 31, 2008
Revenue $5,884,361   $Nil
Net Income (Loss) $2,508,147   $(1,430,758)
Net Income (Loss) per share $0.07   $(0.04)
Total Shares Outstanding 34,724,667   34,724,667
  As at
  December 31, 2009   December 31, 2008
Cash $3,255,003   $783,993
Working Capital $2,505,997   $229,509
Total Assets $6,920,842   $4,467,696
Long Term Liabilities $210,683   $725,701
Share Capital $6,935,817   $6,935,817

PS2 entered 2010 with over 4,000 tonnes of soil in inventory and is currently scheduling deliveries for the 2010 excavation season. Treatment continues unabated, and based on inventories and the current material backlog we expect to be processing soil through the third Quarter of 2010.

In the third Quarter of 2009 PS2 signed an extension of its existing licensing agreement to cover deployment of its proprietary TPS technology to the Chinese environmental services market. This market incurred over $162 billion in annual expenditures when compared to 2005 up dramatically from $72 billion in 2005. These numbers represent 1.5% of total Chinese gross domestic product. 

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, 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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