West Mountain Environmental Corp.
TSX VENTURE : WMT

October 14, 2014 10:48 ET

West Mountain Environmental Corp. Announces Expansion of TPS License

CALGARY, ALBERTA--(Marketwired - Oct. 14, 2014) - West Mountain Environmental Corp. (TSX VENTURE:WMT) (the "Company" or "West Mountain") is pleased to announce that the field of use in its TPS License with M-I L.L.C. and Schlumberger Canada Limited ("SCL") has been expanded on a non-exclusive basis to include any and all uses of the TPS Technology, including the treatment of drill cuttings and waste associated with refinery operations and pipeline operations. The territory of use related to the expanded field of use noted above has also been expanded to include all of China, the Philippines, Indonesia, Malaysia, Singapore, Vietnam, Myanmar, Laos, Cambodia, Thailand, Brunei and East Timor.

The Company has agreed to pay US$1.5 million to SCL in consideration of these amendments to the TPS License and will also pay to SCL a fee of US$120,000 for each TPS Unit that it makes for use in Canada, the United States and Iraq and US$100,000 for each TPS Unit that it makes for use in China, the Philippines, Indonesia, Malaysia, Singapore, Vietnam, Myanmar, Laos, Cambodia, Thailand, Brunei and East Timor, with not less than two TPS Units to be made per year during the next five years.

The Company also announces that it has granted a non-exclusive sub-license (the "Sub-License") of the TPS Technology to Jereh Energy Services Corporation ("Jereh"). The field of use for the Sub-License mirrors that under the expanded TPS License with M- L.L.C and SCL. The territory of use for the Sub-License is China, Iraq, the Philippines, Indonesia, Malaysia, Singapore, Vietnam, Myanmar, Laos, Cambodia, Thailand, Brunei and East Timor. Jereh has agreed to pay US$1.5 million to the Company in consideration of Sub-License and will also pay to the Company a fee of US$105,000 for each TPS Unit that it makes for use, with not less than two TPS Units to be made per year during the next five years. In addition, Jereh will also pay to the Company an amount equal to 30% of its net profit from the use of the Sub-License. The Sub-License will terminate upon the establishment of the joint venture company contemplated under the terms of the transaction completed by the Company and Jereh in March 2014.

"This a great development for our business in China and all of South East Asia", said Paul Antle, President and CEO, "we now have an expanded capability to fully service the needs of the oil & gas industry with TPS technology. Together with Jereh we are very excited as it opens up more revenue generating opportunities."

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. Through its subsidiaries it employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil and industrial sludge 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 and contaminated site remediation with experience spanning North America and 15 countries internationally.

About Jereh

Jereh Energy Services Corporation is wholly owned by Yantai Jereh Group, a public company listed on the Shenzhen Stock Exchange (002353:CH) with a market cap of over $7.0 billion. Jereh is focused on providing oilfield engineering, technology services and environmental services to the Chinese oil and gas industry. Jereh has subsidiaries in Houston, Calgary, UAE, Kazakhstan and Indonesia.

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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