Paul J Hillof BusinessM11 SchoolRichardSchool of Essay

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Paul J. Hill of Business
M-.11 School

Richard

School of Business

The University of Western Ontario

IVEY
9B12M032

PHASE SEPARATION SOLUTIONS (PS2): THE CHINA QUESTION

George Z. Peng and Paul W. Beamish wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality.
Richard Ivey School of Business Foundation prohibits any form of reproduction. storage or transmission without its written permission. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies
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In 2005, after securing an investment of $3 million from Golden Opportunities Fund Inc. 3 in the form of senior secured debentures, the company constructed a fixed soil reclamation facility in Wolseley,
Saskatchewan. This facility was capable of treating a wide variety of soil contaminated with POPs, industrial sludge and waste pharmaceuticals. The location was chosen so that PS2 could target the markets in both Eastern and Western Canada, and in the United States. The facility, which had a capacity of 20,000 tons per year, was permitted to treat a wide variety of pollutants. It was one of only three fixed facilities in
Canada permitted to treat PCB and dioxinifuran-impacted soil. In late 2005, the facility became operational and started generating revenue. It was fully commissioned in early 2006.
PS2 generated revenue by securing service "contracts" for the treatment of contaminated soil or on a "fee­ for-service basis," wherein small quantities of contaminated soil were accepted from customers. Its eustomer base comprised environmental service companies, utility companies and general industry. The number and size of contracts obtained each year for contaminated soil varied and depended on the funding that customers had budgeted for remedial projects.
PS2 went public in 2007 through a reverse merger with West Mountain Capital Corporation (WMT), a

capital pool company (see more information in a later section). The reverse merger brought PS2 to an

advanced level of

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