WMT - Huafu Subcontract
In November 2012 the Corporation entered into a 10-year subcontract agreement with Liaoning Huafu Environmental Engineering Co. Ltd. ("Huafu") to treat non-hazardous sludge waste generated by the Changqing Oil Corporation in Changqing, Shanzxi Province. Huafu is a leading oilfield service company with extensive knowledge and experience in waste management and environmental services. Since entering into that subcontract the scope of work has expanded and the Corporation has been requested to enhance its role in the overall waste management contract. As such the Corporation and Huafu have entered formal discussions to incorporate a Sino-foreign joint venture corporation. Work on the fabrication of the sludge treatment equipment and facility will commence in February 2013 and is expected to be operational in Q4, 2013.
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 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.
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. In particular, this news release contains forward-looking information the issuance of convertible debentures and the use of the proceeds therefrom. The forward-looking statements and information are based on certain key expectations and assumptions made by West Mountain, including expectations and assumptions concerning the completion of the proposed financing. 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. Such factors may include the failure to successfully market the Debentures and failure to satisfy certain conditions in connection with the issuance of the Debentures. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. 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.
West Mountain Capital Corp.
Mr. Paul Antle
President and CEO
709 726 0336
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