CALGARY, ALBERTA--(Marketwire - Dec. 12, 2012) - West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE:WMT) today announces that its 100% owned subsidiary Phase Separation Solutions Inc. ("PS2") has started generating revenue in China using its Thermal Phase Separator (TPS) technology. PS2 began processing pesticide-contaminated soil today under its contract with Hangzhou Dadi Environmental Protection Engineering Co. Ltd ("Dadi") and will continue processing soil for at least the next twelve months at that site.
"This is a very significant milestone for us to have achieved so quickly after entering the Chinese marketplace", said Paul Antle, President and CEO. "Our dedicated personnel have performed above expectations in moving our TPS unit from the Suzhou pilot demonstration site to the city of Hangzhou and getting us into commercial operation in such a short timeframe. This major accomplishment now puts us solidly on the road to fulfilling our business plan."
On August 28, 2012 the Company announced that it had secured its first commercial contaminated soil treatment contract in China using TPS technology in cooperation with its Chinese partner, the Nanjing Institute of Environmental Science ("NIES"), and Dadi. The contract is located in the city of Hangzhou and involves the treatment of 33,000 tonnes of pesticide-contaminated soil as a full-scale commercial demonstration of TPS technology. Dadi's contract for the entire project involves the remediation of approximately 160,000 tonnes of contaminated soil and in accordance with the terms of the PS2 Contract, Dadi may offer PS2 additional volumes once the 33,000 tonnes is completed. The main pesticide contaminants to be removed from the soil are the carcinogens DDT, DDE and DDD. The Company's TPS technology will safely extract all the organic compounds present in the soil rendering it inert without producing any harmful emissions. The 33,000 tonnes of contaminated soil awarded under the contract will be processed within one year.
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.
The Nanjing Institute of Environmental Sciences of the State Environmental Protection Agency, Ministry of Environmental Protection (MEP) for the People's Republic of China is a key technical provider for policies, legislation, action plans and technical guidelines on biodiversity conservation in China, with research areas in rural environmental protection, nature conservation and biodiversity protection. NIES carries out research on rural ecology, nature conservation, pollution prevention of township and village enterprises and agriculture chemicals. NIES undertakes key national research programs and scientific research projects on the rural environment and provide scientific basis and technical support for the management of rural environments and nature and ecological conservation while assisting in the formulation and implementation of relevant action plans.
Hangzhou Dadi Environmental Protection Engineering Co. Ltd. is a private hi-tech environmental protection enterprise that specializes in remediation of contaminated sites (including soil and groundwater), with a registered capital of 66 million RMB. They have a professional technical team composed of over 50 people, among which more than 50% have master and doctor degrees, hold intermediate or senior titles. They have completed more than 20 site investigation and remediation projects and more than 10 scientific research projects at the national, provincial and municipal level.
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 under the Hangzhou Dadi Service Contract 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 be awarded contracts to 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 pesticide contaminated soils 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, and risks associated with doing business in China. 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.
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