West Mountain Capital’s Subsidiary Executes Second Agreement in China – now for Soil Remediation
Calgary, Alberta – August 4, 2010 – Phase Separation Solutions Inc. (“PS2”), a Saskatchewan-based clean technology subsidiary of West Mountain Capital Corp. (TSX-V:WMT), is pleased to announce the execution of a Strategic Cooperation Agreement with the Nanjing Institute of Environmental Sciences (NIES) of the State Environmental Protection Agency, Ministry of Environmental Protection (MEP) for the People’s Republic of China.
The Strategic Cooperation Agreement contemplates that PS2 and NIES will become equal equity partners in a Sino-foreign joint venture company to be established at a mutually beneficial date subject to the satisfaction of a number of terms and conditions. In addition, NIES shall act as an agent for PS2’s Thermal Phase Separation Technology (TPS) in China.
The Strategic Cooperation Agreement provides that PS2 and NIES will:
- focus on the application of TPS technology in China;
- immediately begin construction of a TPS unit in China to be cost-shared 50:50;
- undertake a demonstration project (2,000 – 3,000 tonnes) in China within the next six months;
- design, engineer, manufacture and market TPS and other applicable environmental technologies;
- design, plan, launch, bid for, operate and participate in various remediation projects throughout
- remediate contaminated properties suitable for treatment using TPS technology;
- provide solutions and consulting services with respect to environmental remediation issues; and
- share technical and market information concerning the remediation industry.
“This is another exciting day for PS2. Given China’s recent investments in the environment and clean technology, the Chinese gained an increasing interest in our TPS technology. We are extremely pleased that a government agency with the depth of remedial experience that NIES possesses has chosen us as their partner,” said Paul Antle, president and CEO. “NIES is highly respected throughout China with a great base of environmental knowledge, research capability and policy influence.”
Today the priority for China in the environmental remediation sector is the restoration of properties contaminated with pesticides and PCBs. NIES has identified and inventoried over 300 sites in just three provinces ranging in size from 3,000 tonnes to 2,000,000 tonnes of contaminated soil. Also, the Chinese Government just recently announced that they will invest US$3.0 billion in soil investigation and soil remediation over the next five years beginning in 2011. “It is likely that our first remediation 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.
About Nanjing institute:
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 policy and 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 PS2 entering into a definitive joint venture agreement with NIES in respect of carrying out soil remediation activities in China. 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 negotiation and finalization of the joint venture agreement with NIES and the commencement of operations in China pursuant to such agreement, 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.