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.
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 with respect to a potential joint venture with Reignwood for projects located China, future deployments of the TPS technology, the Company's capital expenditure plans for 2013 and 2014 and the completion of financings to fund the planned capital expenditure program. The purpose of the forward-looking statements and information is to provide readers with basic information regarding a potential transaction by WMT in these markets and may not be appropriate for other purposes. The forward-looking statements and information are based on certain key expectations and assumptions made by WMT, including expectations and assumptions concerning the execution of the definitive joint venture agreement and obtaining the financing necessary to carry out a planned capital expenditure program. Although WMT 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 WMT 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 of the definitive joint venture agreement, the Company's contracts for operations in China, the fabrication of TPS soil treatment units, the availability of financing, the treatment of hazardous industrial sludge 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. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
This forward-looking information represents the Company's views as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. The Company attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Neither the 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.
West Mountain Capital Corp.
Mr. Paul Antle
President and CEO
709 726 0336
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