CALGARY, ALBERTA -- (Marketwire) -- 12/12/12 -- West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE: WMT) today announces that its 100% owned subsidiary Phase Separation Solutions Inc. ("PS2") has started generating revenue in China using its Thermal Phase Separator (TPS) technology. PS2 began processing pesticide-contaminated soil today under its contract with Hangzhou Dadi Environmental Protection Engineering Co. Ltd ("Dadi") and will continue processing soil for at least the next twelve months at that site.
"This is a very significant milestone for us to have achieved so quickly after entering the Chinese marketplace", said Paul Antle, President and CEO. "Our dedicated personnel have performed above expectations in moving our TPS unit from the Suzhou pilot demonstration site to the city of Hangzhou and getting us into commercial operation in such a short timeframe. This major accomplishment now puts us solidly on the road to fulfilling our business plan."
On August 28, 2012 the Company announced that it had secured its first commercial contaminated soil treatment contract in China using TPS technology in cooperation with its Chinese partner, the Nanjing Institute of Environmental Science ("NIES"), and Dadi. The contract is located in the city of Hangzhou and involves the treatment of 33,000 tonnes of pesticide-contaminated soil as a full-scale commercial demonstration of TPS technology. 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 PS2 Contract, Dadi may offer PS2 additional volumes once the 33,000 tonnes is completed. 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. The 33,000 tonnes of contaminated soil awarded under the contract will be processed within one year.
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.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women