Update: Demand for Payment by Jereh Energy Services
CALGARY, ALBERTA–(Marketwired – April 3, 2017) – West Mountain Environmental Corp.’s (the “Company” or “WMT“) (TSX VENTURE:WMT) today received a demand for payment from Jereh Energy Services Corporation (“Jereh”) for payment in full of amounts owing under the Bond Agreement. Payment of the amounts was due on March 31, 2017. Jereh has notified WMT that failure to pay the outstanding amounts within five business days will be an event of default under the Bond Agreement, which in turn entitles Jereh to take steps to enforce its remedies as against WMT.
As previously reported WMT had earlier notified Jereh that it was in breach of certain terms of the July agreement that had caused financial harm to the Company and that those actions could jeopardize the Company’s obligation to extinguish the note. WMT continues to review available strategic options with its advisors.
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.
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.
Mr. Tim Mahoney
CEO and President
709 726 5198