Hangzhou project enters Phase II (I just hope "Phase II" is the phase that makes WMT some money. The tonnes are impressive but it doesn't matter if we are being run as a "not for profit" organization. "Phase I" was for 33,000 tonnes and the company stated that, "As this is a commercial demonstration contract revenues and margins will be less than normally expected for this type of project". I hope that rule no longer applies. Anyway, the press release)......
Calgary, Alberta – March 27, 2014 – West Mountain Capital Corp. (“the Company” or
“WMT”) today announces that its Chinese wholly owned foreign enterprise, Shanghai
Phase Separation Environmental Protection Engineering Co. Ltd. (“PS2SH”) received a
Letter of Intent from Hangzhou DADI Environmental Protection Engineering Co. Ltd.
(“Dadi”) in respect of awarding a subcontract to PS2SH for its treatment of an additional
70,000 to 100,000 tonnes of contaminated soil (“Phase II”) under the Hangzhou Soil
Remediation Project.
In August 2012, the Company secured a subcontract with Dadi to treat 33,000 tonnes of
pesticide-contaminated soil as a full-scale commercial demonstration of TPS technology
in China (“Phase I”). 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 original subcontract, Dadi may offer the Company additional volumes once the
33,000 tonnes is completed. To date the Company has treated 27,400 tonnes of soil
under Phase I and expects to complete its obligations in May of 2014.
“Based on the exceptional performance of the TPS technology and the professionalism
of our team on Phase I, Dadi and the customer are offering our Company 70,000 to
100,000 tonnes of additional soil for treatment”, said Paul Antle, President and CEO
“this is a monumental volume of soil which we are fully prepared to handle.”
It is expected that the subcontract for Phase II will be executed by mid-April 2014 and
commence immediately upon completion of Phase I. 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 and recovering all process
water for treatment and reuse.
“In China, Dadi has proven to be an excellent industry partner for us in the field of soil
remediation”, said Antle. “Our staff work well together and are building a great
reputation for getting the job done. We are looking forward to exploring other
opportunities with Dadi in the months ahead.”
“To put Phase II in perspective, the Company’s soil treatment facility in Wolseley, SK
processed 16,000 tonnes over a 5-year period. Phase I and Phase II together could
total as much as 133,000 tonnes – an average sized project in the Chinese market”,
said Antle.