PS2 Signs 10-Year Subcontract Agreement To Treat Waste Sludge in China
Calgary, Alberta – September 26, 2012 – West Mountain Capital Corp. (“the Company” or “WMT”) today announces that its 100% owned subsidiary Phase Separation Solutions Inc. (“PS2”) has signed a subcontract agreement in principal to supply Thermal Phase Separation (TPS)technology for the treatment of hazardous industrial sludge in Changqing, China.
This is a new business venture for the Company in China having been secured in collaboration and partnership with the Huafu Environmental Engineering Company (Huafu). Huafu has been contracted by a major client in Changqing, China to design, build and operate a waste sludge treatment facility partially using the Company’s TPS technology. TPS will be integrated into this sludge treatment facility and will render the hazardous sludge produced by Huafu’s pre-treatment equipment inert while extracting hazardous organic compounds and water for reuse and recycling. PS2’s subcontract agreement in principal is subject to the final negotiation of terms and conditions with the client.
“The PS2 name is generating a very positive reputation in China based on the success of our Suzhou TPS demonstration and our recently announced soil treatment contract in Hangzhou”, said Paul Antle, President and CEO. “TPS technology is quickly becoming the clean technology of choice for many difficult waste management problems in the Chinese environmental marketplace with contractors and end-users seeking us out. We are very pleased with this new business venture as it lends further credibility to the broad base of application for our technology in China.”
Huafu, a major designer, fabricator and supplier of industrial wastewater and sludge treatment equipment in China will fabricate the mechanical components of the Company’s second TPS unit and fully expect to have the unit completed in early 2013. The subcontract in Changqing is considered an evaluation of whether TPS is suitable for the treatment of this hazardous industrial sludge waste stream and to confirm it s compatibility with Huafu’s integrated treatment facility. The subcontract has a term of 10-years and if successful will be expanded to include at least another 4 facilities within the next two years.
“This application of TPS in a fully integrated waste treatment facility is new for our company and we are excited by the prospects of how this can be expanded if successful. The opportunity that this represents in industrial China is quite significant”, said Antle.
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.
Huafu Environmental Engineering Company is a division of the Liaoning Huafu Group. The Company was established in 1992 specializing in R &D, consulting, procurement, manufacturing, engineering and cooperative investment in the areas of heavy oil recovery, wastewater treatment and energy conservation from different industries. In addition to Huafu Environmental Engineering the group includes Liaoning Huafu Petroleum Hi-tech Corp. Ltd, Liaoning Huafu-Andmir Environment Equipment, Shandong Huafu Petroleum & Environmental, and the Panjin Huafu LengJia Wastewater Treatment Plant. The Huafu Group has innovated and developed some 300 different advanced products and technologies and hold over 45 registered patents in China for environmental equipment.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securitieslaws. 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 with respect to potential future deployments of the TPS technology. 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 treatment of hazardous industrial sludge in general, attempting to secure work, the uncertainty ofestimates 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, 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 noobligation 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
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.
Click here to view a PDF of the press release.