October 25, 2007 14:06 ET

West Mountain Capital Corp. Announces Resumption in Trading and Secured Loan to Phase Separation Solutions Inc.

CALGARY, ALBERTA--(Marketwire - Oct. 25, 2007) - WEST MOUNTAIN CAPITAL CORP. ("West Mountain") (TSX VENTURE:WMT.P) announces that trading will resume in its common shares on the TSX Venture Exchange on Friday, October 26, 2007.

West Mountain also announces that it has advanced $175,000 to PS2 by way of a secured loan. The initial $25,000 advance by West Mountain to PHASE SEPARATION SOLUTIONS INC. ("PS2") as a deposit will be subject to repayment by PS2 on the same terms as the $175,000. PS2 will use the aggregate amount of $200,000 for continued expansion of its pharmaceutical waste processing capability of its facility located in Wolseley, Saskatchewan.

West Mountain entered into a letter of intent with PS2 and its principal lender that sets out the basic terms and conditions pursuant to which it is intended that West Mountain and PS2 will complete a business combination (the "Proposed Transaction"). The Proposed Transaction is intended to be the Qualifying Transaction of West Mountain pursuant to the Policies of the TSX Venture Exchange. Please refer to West Mountain's news release of October 4, 2007 for further information regarding PS2 and the Proposed Transaction.

PS2's business is the thermal treatment of soil, sludge and other solid waste impacted with chlorinated hydrocarbons such as PCBs, dioxins/furans and pesticides, and the thermal treatment of pharmaceutical waste and non-chlorinated industrial sludge at its fixed treatment facility located in Wolseley, Saskatchewan.

West Mountain's application to the TSX Venture Exchange for an exemption from the sponsorship requirements in connection with the Proposed Transaction has been granted.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange approval and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.

The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved of the contents of this press release.

The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • West Mountain Capital Corp.
    Curtis Dutchak
    Director and Officer
    (403) 862-1616