Phase Separation Solutions Signs Major Remediation Contract
Release Date: November 21, 2008
Calgary, Alberta – November 20, 2008 – Phase Separation Solutions Inc. (“PS2”), a wholly owned subsidiary of West Mountain Capital Corp. (TSX-V: WMT), is pleased to announce that it has secured a major remediation contract in Western Canada.
PS2 has been contracted to remove and treat 6,300 tonnes of PCB contaminated material comprised of PCB contaminated soil and debris stored in an interim storage facility located in Western Canada. The Company will be responsible for the overall management of the contaminated site and will utilize its state-of-the-art soil treatment facility located in Wolseley, Saskatchewan to treat the PCB contaminated soil. The contract has an expected value of $6.4 million dollars and represents over 30% of PS2’s annual soil treatment capacity at its Wolseley Facility. The contract is scheduled to commence in the spring of 2009.
“We are extremely pleased to have been awarded this contract which will showcase our thermal treatment technology” says Paul Antle, President and CEO, “this is the type of project and waste stream that we have a great deal of experience managing so we are looking forward to getting started.”
In September 2008 the Federal Government promulgated new Federal PCB Regulations that mandates timelines for the removal and destruction of all PCB inventories, a large volume of which is PCB impacted soil. The industry has recently received a boost due to the release of the new regulations based on the requirement for generators to remove all PCB soils currently stored in federally registered storage facilities no later than December 31, 2009. PS2’s Saskatchewan-based thermal facility has one of the most diverse operating permits in Canada and is well positioned to support these new Regulations.
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, pharmaceutical waste and consumer waste streams 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, brownfield remediation and pharmaceutical waste management 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 contract to remove and treat 6,300 tonnes of PCB contaminated material. 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.
For Inquires Contact:
Mr. Paul Antle, President and CEO
Tel: 709 726 0336
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.