Phase Separation Solutions Receives First Payment from Bennett
Calgary, Alberta – July 23, 2009 – Phase Separation Solutions Inc. (“PS2”), a wholly owned subsidiary of West Mountain Capital Corp. (TSX-V:WMT), has received its first payment from Bennett Environmental Inc. (TSX:BEV) in connection with Bennett’s contract to treat PCB contaminated material from the Pottersburg Creek Remediation Project in Ontario.
PS2 is providing standby treatment capacity in support of Bennett’s contract to treat PCB contaminated material from the Pottersburg Creek Remediation Project in Ontario. Previous government announcements have indicated that there is approximately 78,000 tonnes of PCB-impacted material stored at Pottersburg Creek however there is no certainty as to the volume of material to be removed and treated from the site.
Also, recently PS2 completed all on-site remediation activities on its 6,300-tonne PCB contaminated waste contract located in Western Canada. All the PCB contaminated soil removed from the site is currently being treated using the company’s state-of-the-art soil treatment facility located in Wolseley, Saskatchewan. The contract commenced in early May 2009 and has a contract value of approximately $6.9 million.
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. 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 the volume of soil to be processed by PS2 under the agreement with Bennett Environmental Inc. 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 removal and treatment of PCB contaminated materials in general, the uncertainty of estimates and projections relating to the value of the contract, 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. 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.