West Mountain Capital Corp.: Installation and Commissioning of TPS Unit in Suzhou, China Now Complete
CALGARY, ALBERTA--(Marketwire - May 1, 2012) - West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE:WMT) today announces that its 100% owned subsidiary Phase Separation Solutions Inc. ("PS2") has completed the installation and commissioning of its first Thermal Phase Separator (TPS) unit in Suzhou, China.
Under the Company's Strategic Cooperation Agreement with the Nanjing Institute of Environmental Science ("NIES"), the Company jointly committed to sharing the cost of the TPS unit fabrication and demonstration on an equal basis. The fabrication of the TPS unit was completed in Nanjing in early January prior to the Spring Festival holiday season and the Company began mobilization in mid-February by transporting the TPS unit to the selected demonstration site in Suzhou, China.
"The TPS unit is now completely installed at the demonstration site and our technical staff from Canada have been on location rigorously testing all mechanical, electrical, and electronic control systems prior to the start of our demonstration project" said Paul Antle, President and CEO. "Our expert operators and engineering support personnel have successfully completed the testing of all systems and set the operating parameters to be used during our demonstration."
The commercial scale TPS unit will be used to treat soil contaminated with Persistent Organic Pollutants (POPs), more specifically many forms of pesticide and some other organic chemicals. The new TPS unit has a capacity to process up to 30,000 tonnes of soil per year and, based on its modular design, can be expanded to treat approximately 60,000 tonnes per year.
"I am very pleased with pace at which we have completed the installation and commissioning. We are slightly ahead of schedule and well on our way to completing the demonstration project by July", said Antle, "once the demonstration is completed we look forward to moving the TPS onto a commercial site."
An inventory of POPs contaminated soil has been stockpiled by NIES that will be treated during the demonstration phase after which all processing data will be analyzed by both NIES and the Company. Following a successful demonstration phase the TPS unit is expected to be employed for commercial operations in Jiangsu province.
Under the 2010 Strategic Cooperation Agreement with the NIES the parties contemplate forming an equal equity Sino-foreign joint venture company subject to the successful completion of the TPS demonstration.
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.
The Nanjing Institute of Environmental Sciences of the State Environmental Protection Agency, Ministry of Environmental Protection (MEP) for the People's Republic of China 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 action plans.
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 its Strategic Cooperation Agreement in China 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 POPs contaminated soils in general, attempting to secure work, 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, 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.