Update: Jereh Energy Services Notice of Intention to Enforce Security
CALGARY, ALBERTA–(Marketwired – May 1, 2017) - West Mountain Environmental Corp. (the “Company”) (TSX VENTURE:WMT), as previously reported, is in default of its payment obligations of its bond to Jereh Energy Services Corporation (“Jereh”). The 10 day cure period included in the Notice of Intention to Enforce Security under section 244(1) of the Bankruptcy and Insolvency Act (Canada) expired on April 24 without the debt being repaid. To date, Jereh has not taken further action to enforce its security.
The Company announced on April 11, that it has entered into a non-binding Letter of Intent (“LOI”) with Walker McNeil Group of Companies (“WMGOC”), the terms of which call for the repayment of the debt. The Company is in discussions with Jereh to enter into a 60 day Forbearance Agreement to give the Company the time to complete the transaction with WMGOC. There is no guarantee that Jereh will enter into such agreement.
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.
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 transactions contemplated by the LOI and the use of proceeds from such transactions. 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. There is no certainty that the transactions contemplated by the LOI will be completed on the term set out in this news release or at all. 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.
CEO and President
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