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WMT

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WMT Executes Contract for Phase II of Hangzhou Soil Remediation Project

22/05/2014 6:36pm

Marketwired Canada


West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE:WMT) today
announces that its Chinese wholly owned foreign enterprise, Shanghai Phase
Separation Environmental Protection Engineering Co. Ltd. ("PS2SH") executed the
contract to treat 70,000 tonnes of contaminated soil ("Phase II") on behalf of
Hangzhou DADI Environmental Protection Engineering Co. Ltd. ("Dadi"). 


The contract was executed during a signing ceremony today held at the historic
Peace Hotel in Shanghai, China. Present at the signing were officials from the
Canadian government including the Minister of International Trade, The
Honourable Ed Fast; and the Consul General of Shanghai, Mr. Rick Savone. The
signing of the contract was showcased during a Canada-led trade mission focused
on environmental protection opportunities in China.


On March 27, 2014 the Company announced that it had received a Letter of Intent
from Dadi for Phase II, and it has now been delivered. 


In August 2012, the Company secured a contract with Dadi to treat 33,000 tonnes
of pesticide-contaminated soil as a full-scale commercial demonstration of TPS
technology in China ("Phase I"). Dadi's contract for the entire Project involves
the remediation of approximately 160,000 tonnes of contaminated soil and, in
accordance with the terms of the original subcontract, Dadi may offer the
Company additional volumes once the 33,000 tonnes is completed. As of April 25th
the Company had treated 29,041 tonnes of soil under Phase I and expects to
complete its obligations in June 2014. Phase II operations will start
immediately upon the completion of Phase I.


"Based on the exceptional performance of the TPS technology and the
professionalism of our team, Dadi and the customer have offered our Company
70,000 tonnes of additional soil for treatment," said Paul Antle, President and
CEO. "This is a monumental volume of soil which we are fully prepared to
handle." A new TPS unit will be financed and manufactured by the Company's new
strategic partner, Jereh Energy Services Corp. ("Jereh") of Yantai, China. For
Phase II Jereh will manufacture a TPS-2-3EC model which contains two fireboxes
each with three extraction chambers for an annual treatment capacity of approx.
77,000 tonnes. Manufacturing should take 3 - 4 months at which time the unit
will be transported to Hangzhou and commissioned on site.


The main pesticide contaminants to be removed from the soil are the carcinogens
DDT, DDE and DDD. The Company's TPS technology will safely extract all the
organic compounds present in the soil rendering it inert without producing any
harmful emissions and recovering all process water for treatment and reuse. 


"In China, Dadi has proven to be an excellent industry partner for us in the
field of soil remediation and Jereh has proven to be invaluable in the
manufacture of our equipment," said Antle. "Our staff work well with both
companies and are building a great reputation in the sector. We are looking
forward to exploring other opportunities with both Dadi and Jereh in the months
ahead."


About West Mountain

West Mountain is an established Canadian environmental solutions company
specializing in the thermal treatment of a variety of hazardous and
non-hazardous waste streams. Through its subsidiaries it employs a unique
indirectly heated, closed loop technology that allows it to extract even the
most hazardous contaminants from soil and industrial sludge 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. The
Company's management team maintains expertise in hazardous waste management and
contaminated site remediation with experience spanning North America and 15
countries internationally.


About Jereh

Jereh Energy Services Corporation is wholly owned by Yantai Jereh Group, a
public company listed on the Shenzhen Stock Exchange (002353:CH) with a market
cap of over US$7.0 billion. The company is focused on providing oilfield
engineering, technology services and environmental services to the Chinese oil
and gas industry. Jereh has subsidiaries in Houston, Calgary, UAE, Kazakhstan
and Indonesia.


About Dadi

Hangzhou Dadi Environmental Protection Engineering Co. Ltd. is a private hi-tech
environmental protection enterprise that focuses on contaminated site
remediation (including soil and groundwater remediation), and is the pioneer and
practitioner of the field in China. They have completed more than 70 site
investigation and remediation projects, and presided over and undertaken more
than 10 national and provincial research projects. Dadi and China Energy
Conservation and Environmental Protection Group ("CECEP") formed a joint venture
company named China Energy Conservation DADI Environmental Remediation Co., Ltd
("CECDADI") in December 2012.


CECEP is a state-owned enterprise, which is fully sponsored by the Chinese
central government. It is the only industry group whose main business is in the
field of energy conservation, emission reduction and environmental protection.
CECEP integrates planning, design, consulting, construction, equipment
manufacturing, investment and operation. CCEP forms a supporting system that is
focused on technology, funds and industries, and plays a critical role to
influence the energy conservation and environmental protection field as a
state-owned enterprise managed by the central government.


CECDADI is the only company that specializes in environmental remediation among
the CECEP's subsidiaries, and its business is a major part of CECEP's overall
business. The major business of CECDADI includes all processes of contaminated
site investigation and remediation, such as contaminated site investigation and
risk assessment, preparation of site remediation plans, implementation of site
remediation projects, environmental supervision of remediation processes,
operations and monitoring after site remediation.


Forward-Looking Statements

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
under the Hangzhou Dadi Phase II subcontract and in general all soil volumes
whether domestic or international from any source. 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 removal and treatment of pesticide contaminated soils in
general, attempting to secure work, the uncertainty of estimates and projections
relating to the value of the subcontract, 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 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.


Neither TSX Venture Exchange nor its Regulation 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
West Mountain Capital Corp.
Mr. Paul Antle
President and CEO
709 726 0336
pantle@phaseparation.com
www.phaseparation.com

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