WMT Secures Letter of Intent for Phase II of Hangzhou Soil
Remediation Project
CALGARY, ALBERTA--(Marketwired - Mar 27, 2014) - West Mountain
Capital Corp. (TSX-VENTURE:WMT) ("the Company" or "WMT") today
announces that its Chinese wholly owned foreign enterprise,
Shanghai Phase Separation Environmental Protection Engineering Co.
Ltd. ("PS2SH") received a Letter of Intent from Hangzhou DADI
Environmental Protection Engineering Co. Ltd. ("Dadi") in respect
of awarding a subcontract to PS2SH for its treatment of an
additional 70,000 to 100,000 tonnes of contaminated soil ("Phase
II") under the Hangzhou Soil Remediation Project.
In August 2012, the Company secured a subcontract with Dadi to
treat 33,000 tonnes of pesticide-contaminated soil as a full-scale
commercial demonstration of TPS technology in China ("Phase I").
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 original subcontract, Dadi may
offer the Company additional volumes once the 33,000 tonnes is
completed. To date the Company has treated 27,400 tonnes of soil
under Phase I and expects to complete its obligations in May of
2014.
"Based on the exceptional performance of the TPS technology and
the professionalism of our team on Phase I, Dadi and the customer
are offering our Company 70,000 to 100,000 tonnes of additional
soil for treatment", said Paul Antle, President and CEO "this is a
monumental volume of soil which we are fully prepared to
handle."
It is expected that the subcontract for Phase II will be
executed by mid-April 2014 and commence immediately upon completion
of Phase I. 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
and recovering all process water for treatment and reuse.
"In China, Dadi has proven to be an excellent industry partner
for us in the field of soil remediation", said Antle. "Our staff
work well together and are building a great reputation for getting
the job done. We are looking forward to exploring other
opportunities with Dadi in the months ahead."
"To put Phase II in perspective, the Company's soil treatment
facility in Wolseley, SK processed 16,000 tonnes over a 5-year
period. Phase I and Phase II together could total as much as
133,000 tonnes - an average sized project in the Chinese market",
said Antle.
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 Dadi
Hangzhou Dadi Environmental Protection Engineering Co. Ltd. is a
private hi-tech environmental protection enterprise that focuses on
contaminated site remediation (including soil and groundwater
remediation), and is the pioneer and practitioner of the field in
China. They have completed more than 70 site investigation and
remediation projects, and presided over and undertaken more than 10
national and provincial research projects. Dadi and China Energy
Conservation and Environmental Protection Group ("CECEP") formed a
joint venture company named China Energy Conservation DADI
Environmental Remediation Co., Ltd ("CECDADI") in December
2012.
CECEP is a state-owned enterprise, which is fully sponsored by
the Chinese central government. It is the only industry group whose
main business is in the field of energy conservation, emission
reduction and environmental protection. CECEP integrates planning,
design, consulting, construction, equipment manufacturing,
investment and operation. The corporation forms a supporting system
that is focused on technology, funds and industries, and plays a
critical role to influence the energy conservation and
environmental protection field as a state-owned enterprise managed
by the central government.
CECDADI is the only company that specializes in environmental
remediation among the CECEP's subsidiaries, and its business is a
major part of CECEP's overall business. The major business of
CECDADI includes all processes of contaminated site investigation
and remediation, such as contaminated site investigation and risk
assessment, preparation of site remediation plans, implementation
of site remediation projects, environmental supervision of
remediation processes, operations and monitoring after site
remediation.
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. 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 Phase II subcontract 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 subcontract, 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.
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.
Mr. Paul AntlePresident and CEO709 726
0336pantle@phaseparation.comwww.phaseparation.com
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