Award of First Contract for TPS Fabrication in China
Calgary, Alberta – December 16, 2010 – West Mountain Capital Corp. (TSX-V:WMT) is pleased to announce that Phase Separation Solutions Inc. (“PS2”), a Saskatchewan-based clean technology subsidiary of West Mountain, and its Chinese partner, the Nanjing Institute of Environmental Sciences (“NIES”) of the State Environmental Protection Agency, Ministry of Environmental Protection for the People’s Republic of China, have awarded a contract (the “Contract”) to CSSC Nanjing Luzhou Environment Protection Co. Ltd. of Nanjing, China for the engineering, design, fabrication and assembly of the core steel structure of the Thermal Phase Separation (“TPS”) unit to be built and operated in China.
The Contract is the first joint commitment of PS2 and NIES under their Strategic Cooperation Agreement and prescribes the engineering requirements, quality control standards, timeline for delivery and testing protocols for the fabrication and assembly of steel structures that will form the core of the Thermal Phase Separation unit.
“This is an exciting time for PS2 in our China expansion. With the issuance of this Contract we have confirmed our commitment to showcasing the TPS technology in the emerging Chinese soil remediation market,” said Paul Antle, President and CEO. “We have now moved from the design and planning phase to construction of our TPS technology in China. We are very pleased with our progress to date and are on schedule to complete construction of the first TPS unit by May 2011.”
Today the priority for China in the environmental remediation sector is the restoration of properties contaminated with pesticides and PCBs. “It is likely that our first soil treatment project in China will be soil contaminated with pesticide, given the magnitude of sites affected, and the commitment by the Chinese Government to address those specific areas first,” said Antle.
The Nanjing Institute of Environmental Sciences is a key technical provider for policies, legislation, action plans and technical guidelines on biodiversity conservation in China, with research areas in rural environmental protection, nature conservation and biodiversity protection. NIES carries out research on rural ecology, nature conservation, pollution prevention of township and village enterprises and agriculture chemicals. NIES undertakes key national research programs and scientific research projects on the rural environment and provide scientific basis and technical support for the management of rural environments and nature and ecological conservation while assisting in the formulation and implementation of relevant action plans.
About Phase Separation Solutions:
PS2 is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. From its operations based in Wolseley, Saskatchewan it employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge and waste 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. PS2’s management team maintains expertise in hazardous waste management and contaminated site remediation with experience spanning North America and internationally throughout 14 countries.
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 design and construction of a TPS unit in China and future projects that may be undertaken with such TPS Unit. 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 remove and 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 design and construction of a TPS unit and the commencement of operations in China, 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. 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.
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