Notice of Termination of TPS License
CALGARY, Alberta, June 07, 2017 (GLOBE NEWSWIRE) -- West Mountain Environmental Corp. (the “Company”) (TSXV:WMT) has received notice from M-I L.L.C. (“M-I Swaco”) that the Company is in breach of its obligations under the Thermal Phase Separation License Agreement (“TPS License”) for failure to pay associated royalty fees. M-I Swaco is the owner of the TPS technology. The Company has until July 6th, 2017 to satisfy the outstanding royalty payments due to M-I Swaco failing which the TPS License will be considered terminated effective July 6th, 2017.
The Company’s business is principally based on the sale of services associated with the TPS License. As previously reported, the Company’s ability to pay the debt is contingent on the completion of the proposed financing with Walker McNeil Group of Companies (“WMGOC”).
The Company is currently working with WMGOC to complete the proposed financing as quickly as possible. There is no certainty that the proposed financing will be completed.
About West Mountain
West Mountain is an established Canadian environmental solutions company specializing in the thermal treatment of a variety of hazardous and non-hazardous waste streams. Through its subsidiaries it employs a unique indirectly heated, closed loop technology that allows it to extract even the most hazardous contaminants from soil and industrial sludge 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. The Company’s management team maintains expertise in hazardous waste management and contaminated site remediation with experience spanning North America and 15 countries internationally.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements within the meaning of applicable securities laws. In particular, this new release provides forward-looking statements in relation to the termination of the TPS License, the proposed financing and its completion. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. There is no certainty that the proposed financing will be completed on the disclosed terms or at all. Actual results could differ materially from those currently anticipated due to a number of factors and risks. 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.
For Inquires Contact: Mr. Tim Mahoney, CEO and President Tel: 709 726 5198 Email: info@wmtenv.com Web: http://www.wmtenv.com
