Calgary, Alberta – March 27, 2014 – West Mountain Capital Corp. ("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.
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.
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.
For Inquires Contact:
West Mountain Capital Corp.
Mr. Paul Antle, President and CEO
709 726 0336
To download the original press release, click here.