CALGARY, ALBERTA--(Marketwired - March 16, 2017) - West Mountain Environmental Corp. (the "Company" or "WMT") (TSX VENTURE:WMT) received notice that a lawsuit had been filed against it by Shanghai Hehui Environmental Technology, Co. Ltd. claiming that the Company has failed to deliver the TPS unit in a timeframe that was agreed. As a result a Chinese Court ordered that WMT's bank accounts be frozen until a hearing is held on March 27th, 2017 in Shanghai. Refer to the Company's news release of October 19, 2016 for additional information regarding the underlying commercial transaction.
WMT is vigorously defending the claim and preparing a counterclaim. The Company's Chinese legal counsel believes the claim has no merit and is very optimistic that the Court ordered bank account freeze will be lifted and the claim will be dismissed once all the information is presented.
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.
Certain statements contained herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements or information is often, but not always, identified by the use of words such as "anticipate", "expect", "may", "will", "potential", "intend", "could", "might", "should", "believe" and similar expressions. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. In particular, this news release contains forward-looking statements pertaining to the legal proceeding commenced against the Company by Shanghai Hehui Environmental Technology, Co. Ltd. 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. 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.