Phase Separation Solutions Inc. enters into Agreement to acquire Pharma Processing
Release Date: March 17, 2008 Phase Separation Solutions Inc. (“PS2”), a wholly owned subsidiary of West Mountain Capital Corp. (TSX-V: WMT),(the “Corporation” or “West Mountain”) has entered into a Share Purchase Agreement to purchase all of the issued and outstanding shares of 1095269 Ontario Ltd., operating as Pharma Processing (“Pharma Processing”), based in Brampton, Ontario. Pharma Processing is a well known pharmaceutical waste management service provider that processes hazardous and non-hazardous pharmaceutical waste at its facility in Brampton, Ontario. Pharma Processing has been in operation since 1994.
“This acquisition will provide PS2 with a significant presence in Ontario, a new base of customers, experienced staff and the ability to store, segregate and process pharmaceutical waste. It will also allow us to create more efficiency by reducing costs associated with our transportation system through better waste consolidation and preparation, and by reducing the volume of non-hazardous waste being sent to our world-class thermal treatment facility in Wolseley, Saskatchewan”, said Paul Antle, PS2’s President and CEO. “This is a very strategic acquisition for our company and is fully in line with the objectives stated in our business plan.”
Paul Deltor, President and CEO of Pharma Processing stated “we look forward to becoming part of the West Mountain organization. This will enable us to expand our customer reach in conjunction with the activities of PS2 which provides us with new treatment capabilities, industry experience and entrepreneurial management. We are excited about the future and our competitive position in the marketplace.”
The transaction is expected to close by May 31, 2008. During the interim period PS2 will operate and manage the assets and business of Pharma Processing pursuant to an Asset Rental Agreement. Under the terms of this Agreement, PS2 will fund the current operations, maintain the current staff complement and be the sole beneficiary of any financial benefit.
About Phase Separation Solutions: PS2 is an established Canadian company specializing in thermal treatment of a variety of hazardous and non-hazardous waste streams. It employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge, and pharmaceutical waste and consumer waste streams converting much of it into reusable oil. PS2’s management team maintains expertise in hazardous waste management, brownfield remediation and pharmaceutical waste management with experience spanning North America and internationally throughout 14 countries.
This release may contain forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements are made as of the date hereof and West Mountain Capital Corp. does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
For Inquires Contact: Mr. Paul Antle, President and CEO Tel: 709 726 0336 Email: email@example.com Web: http://www.phaseparation.com
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