WMT Executes Contract for Phase II of Hangzhou Soil Remediation
Project
CALGARY, ALBERTA--(Marketwired - May 22, 2014) - West Mountain
Capital Corp. ("the Company" or "WMT") (TSX-VENTURE:WMT) today
announces that its Chinese wholly owned foreign enterprise,
Shanghai Phase Separation Environmental Protection Engineering Co.
Ltd. ("PS2SH") executed the contract to treat 70,000 tonnes of
contaminated soil ("Phase II") on behalf of Hangzhou DADI
Environmental Protection Engineering Co. Ltd. ("Dadi").
The contract was executed during a signing ceremony today held
at the historic Peace Hotel in Shanghai, China. Present at the
signing were officials from the Canadian government including the
Minister of International Trade, The Honourable Ed Fast; and the
Consul General of Shanghai, Mr. Rick Savone. The signing of the
contract was showcased during a Canada-led trade mission focused on
environmental protection opportunities in China.
On March 27, 2014 the Company announced that it had received a
Letter of Intent from Dadi for Phase II, and it has now been
delivered.
In August 2012, the Company secured a contract 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. As of April 25th the Company had treated 29,041 tonnes
of soil under Phase I and expects to complete its obligations in
June 2014. Phase II operations will start immediately upon the
completion of Phase I.
"Based on the exceptional performance of the TPS technology and
the professionalism of our team, Dadi and the customer have offered
our Company 70,000 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." A new TPS unit will be
financed and manufactured by the Company's new strategic partner,
Jereh Energy Services Corp. ("Jereh") of Yantai, China. For Phase
II Jereh will manufacture a TPS-2-3EC model which contains two
fireboxes each with three extraction chambers for an annual
treatment capacity of ~77,000 tonnes. Manufacturing should take 3 -
4 months at which time the unit will be transported to Hangzhou and
commissioned on site.
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 and Jereh has proven to be
invaluable in the manufacture of our equipment," said Antle. "Our
staff work well with both companies and are building a great
reputation in the sector. We are looking forward to exploring other
opportunities with both Dadi and Jereh in the months ahead."
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 US$7.0 billion. The company
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.
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. CCEP 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.
West Mountain Capital Corp.Mr. Paul AntlePresident and CEO709
726 0336pantle@phaseparation.comwww.phaseparation.com
West Mountain Environmental (TSXV:WMT)
Historical Stock Chart
From May 2024 to Jun 2024
West Mountain Environmental (TSXV:WMT)
Historical Stock Chart
From Jun 2023 to Jun 2024