CALGARY, ALBERTA -- (Marketwired) -- 05/23/13 -- West Mountain Capital Corp. ("the Company" or "WMT") (TSX VENTURE: WMT) announces that it has entered into a joint venture agreement with The Reignwood Group of Beijing, China ("Reignwood") that provides the basic terms and conditions for the organization of a jointly owned corporation named Reignwood Environmental that will engage in the environmental business of site remediation, brownfield redevelopment, oily sludge treatment and other business opportunities identified by WMT and Reignwood.
The joint venture agreement contemplates that WMT will contribute its existing China-based projects, clean technology and know-how to Reignwood Environmental and that Reignwood will provide Reignwood Environmental with the financing and marketing strength that will allow it to carry out WMT's China-based business plan. Reignwood Environmental is to be owned as to 55% by WMT and as to 45% by Reignwood.
The joint venture is subject to the execution of a definitive joint venture agreement and the acceptance of the TSX Venture Exchange. The definitive joint venture agreement is expected to be finalized and executed by the parties on or before June 30, 2013.
Reignwood is a private company with investments in a number of diversified industries including consumer goods, health & wellness, financial services, real estate, aviation, energy and environmental. Reignwood is most well known as the exclusive licensee of Red Bull in China and owner of the Fairmont Beijing. Reignwood currently controls assets totaling approximately US$6.0 billion.
"After three years of hard work and patience we have now secured a strategic financial partner for building our environmental business in China," said Paul Antle, President and CEO. "Reignwood is extremely successful and not only has the financial strength but an impressive marketing division as well as many high levels contacts throughout China. WMT will benefit on many levels by joining forces with Reignwood."
"Selecting and securing a financial partner was the last piece of the puzzle for us," said Antle. "Once we get all the details finalized we can focus on new contracts and executing the business plan we developed for the Chinese market."
About West Mountain
WMT is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. It employs TPS Technology, a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil, industrial sludge, pharmaceutical waste and consumer waste streams 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. WMT's management team maintains expertise in hazardous waste management, Brownfield remediation and pharmaceutical waste management with experience spanning North America and 15 countries internationally.
The Reignwood Group was founded in 1984 in Thailand by Dr. Chanchai Ruayrungruang, a Thai-Chinese businessman with strong roots in China. The company's initial activities included general trading, real estate development and tourism, which quickly gave rise to a flourishing business with China that grew rapidly and necessitated the opening of offices in Hong Kong and Beijing. In the 20 years that have followed, Reignwood Group has grown to become a multinational enterprise with investments in key industries including modern services, consumer goods, green industries, health & wellness, financial services, real estate, aviation, energy and environmental. The Reignwood Group today has branch offices in Singapore, Thailand, Canada, United States and United Kingdom, each office and staff adding strength and diversity to Reignwood's human resources and increasing the group's international strength and depth.
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