West Mountain Capital Corp.
TSX VENTURE : WMT

West Mountain Capital Corp.

March 06, 2014 09:29 ET

Jereh Energy Services Corporation Approves Transaction With West Mountain

CALGARY, ALBERTA--(Marketwired - March 6, 2014) - West Mountain Capital Corp. (TSX VENTURE:WMT) (the "Company" or "West Mountain") announces that the Board of Directors for Jereh Energy Services Corporation ("Jereh") of Yantai, China have approved the US$7 million investment in West Mountain and related transactions (collectively, the "Transaction") as described in West Mountain's news releases of November 20, 2013 and January 31, 2014.

A news release was issued on March 1, 2014 announcing that a meeting of the Board of Directors of Yantai Jereh Oilfield Services Group Co. Ltd. (the parent company of Jereh Energy Services Corporation) was held on February 27, 2014 wherein its nine directors voted unanimously in favour of the approval of the Transaction. Jereh has also announced that it has applied for the Chinese overseas investment approval from the applicable governmental authorities.

The Company also announces that it has now obtained the consent to the completion of the Transaction by the holders of the majority of its outstanding shares.

Closing of the Transaction is expected to occur on or before April 15, 2014 once the Chinese overseas investment approval is obtained by Jereh.

About West Mountain

West Mountain 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, pharmaceutical waste and consumer waste streams 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. The Company's management team maintains expertise in hazardous waste management, Brownfield remediation and pharmaceutical waste management with experience spanning North America and 15 countries internationally.

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. In particular, this news release contains forward-looking information regarding the transaction with Jereh. The forward-looking statements and information are based on certain key expectations and assumptions made by West Mountain, including expectations and assumptions concerning the completion of the transactions described in this news release. 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. There is no assurance that the transactions described in this news release will be completed on the terms set out in this news release or at all.

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. Factors which could materially affect such forward-looking information include the failure to satisfy the closing conditions described in this news release and other factors that are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on SEDAR at www.sedar.com. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. 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.

Contact Information