CALGARY, ALBERTA--(Marketwired - Sept. 26, 2013) - West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE:WMT) today announced that it duly qualified and registered Shanghai Phase Separation Environmental Technology Co. Ltd. ("Shanghai PS2") as its wholly-owned foreign enterprise ("WOFE"). Shanghai PS2 operates from its headquarters in Shanghai.
While going through the rigorous process of establishing a Chinese subsidiary, West Mountain had conducted its operations in China through its Canadian subsidiary, Phase Separation Solutions Inc.,. As a foreign company we were presented challenges that limited our ability to pursue certain opportunities. The WOFE radically simplifies operations and provide us with a significant advantage over our foreign-based competitors in pursuing and executing contracts, hiring local staff, obtaining local financing, among others.
"This has been a lengthy process and a major investment by our Company but one that was necessary to establish a firm foundation for our future in China," said Paul Antle, President and CEO. "With the establishment of our WOFE in Shanghai we have put the Chinese market on notice that we are a serious contender and there to stay. I am pleased to say that Chinese companies have quickly taken notice."
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.
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 with respect to potential benefits to West Mountain of carrying on its business in PRC through Shanghai Phase Separation Environmental Technology Co. Ltd.. 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 treatment of hazardous industrial sludge 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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