|By Marketwired .||
|October 19, 2016 01:47 PM EDT|
SHANGHAI, CHINA -- (Marketwired) -- 10/19/16 -- West Mountain Environmental Corp. ("WMT" or the "Company") (TSX VENTURE: WMT), China's leading environmental remediation technology provider, announced today that it has sold its first TPS unit in China to Shanghai Hehui Environmental (Hehui). The value of the contract is approximately $1.2 million.
WMT has operated in China since 2012 and has treated over 100,000 tonnes of contaminated soil and oil sludge using TPS technology. TPS' patented indirect thermal desorption technology is recognized in the industry as one of the most efficient and safest technologies for the removal of hazardous contaminants. TPS was one of the first western environmental remediation technologies successfully transferred to China and has been recognized as a Top 100 environmental technology by the Ministry of Environmental Protection 3iPET Program.
Beginning in Q2 of this year WMT expanded its contract service business model to include the sale of its technology in China. This sale represents the first time TPS technology has been used as part of a process to treat waste purified terephalic acid (PTA) sludge. PTA is required for the manufacture of polyester fibre, polyethylene terephthalate (PET) bottle resin and polyester film and China is the largest producer of PTA at over 50 million tonnes per year.
"We are pleased to be partnering with Hehui in the PTA waste remediation market," says Tim Mahoney, President and CEO, "Hehui is the market leader in providing innovative waste remediation in the PTA market and this sale represents a major opportunity for us to support Hehui's solution to other PTA manufacturers throughout China."
"Hehui is a leading provider of innovative waste remediation solutions in China," said Hairong Geng President & CEO of Hehui. "China's commitment to improving the environment has led the PTA industry to look for new, innovative solutions to manage their waste. We identified WMT's TPS technology as a key part of our solution and look forward to building our business together."
About West Mountain
West Mountain is a publically traded (TSX VENTURE: WMT) and the leading provider of environmental technology to China. Founded in 2004, the company's flagship TPS technology employs a patented indirect thermal, closed loop technology to extract even the most hazardous contaminants from soil and industrial sludge. WMT has been in China since 2010 and is building on the success of TPS in China by aggressively expanding its technology offering by identifying and transferring to China some of the world's most innovative environmental technologies.
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. 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. 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.
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