Jereh Energy Services Corporation Approves Transaction With West Mountain
March 06 2014 - 8:28AM
Marketwired
Jereh Energy Services Corporation Approves Transaction With West
Mountain
CALGARY, ALBERTA--(Marketwired - Mar 6, 2014) - West Mountain
Capital Corp. (TSX-VENTURE:WMT) (the "Company" or "West Mountain")
announces that the Board of Directors for Jereh Energy Services
Corporation ("Jereh") of Yantai, China have approved the US$7
million investment in West Mountain and related transactions
(collectively, the "Transaction") as described in West Mountain's
news releases of November 20, 2013 and January 31, 2014.
A news release was issued on March 1, 2014 announcing that a
meeting of the Board of Directors of Yantai Jereh Oilfield Services
Group Co. Ltd. (the parent company of Jereh Energy Services
Corporation) was held on February 27, 2014 wherein its nine
directors voted unanimously in favour of the approval of the
Transaction. Jereh has also announced that it has applied for the
Chinese overseas investment approval from the applicable
governmental authorities.
The Company also announces that it has now obtained the consent
to the completion of the Transaction by the holders of the majority
of its outstanding shares.
Closing of the Transaction is expected to occur on or before
April 15, 2014 once the Chinese overseas investment approval is
obtained by Jereh.
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. 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. The Company's management team
maintains expertise in hazardous waste management, Brownfield
remediation and pharmaceutical waste management with experience
spanning North America and 15 countries internationally.
Forward-Looking Statements
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 regarding the transaction with
Jereh. 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 transactions described in this news release. 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. There is
no assurance that the transactions described in this news release
will be completed on the terms set out in this news release or at
all.
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. Factors which could materially affect such forward-looking
information include the failure to satisfy the closing conditions
described in this news release and other factors that 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. 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 AntlePresident and CEO709
726 0336pantle@phaseparation.comhttp://www.phaseparation.com
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