July 16, 2008
Raser Technologies Announces Completion of Wilson Symetron(TM) Alternator Field Tests
Raser Technologies, Inc. (NYSE Arca: RZ) today announced that Wilson Auto Electric has completed field testing of its heavy duty alternators incorporating Raser's Symetron(TM) technology. Wilson will evaluate the results of the field tested units analyzing their durability and performance. Once the evaluation is completed, Wilson plans to begin manufacturing and selling the units to heavy duty alternator original equipment and after market customers. Additional units have been running successfully on laboratory durability test stands which simulate life testing in an accelerated manner.
Raser's Symetron(TM) technology is primarily applicable in medium and heavy duty truck, buses, emergency, specialty vehicles and agricultural equipment where high power and durability are crucial. The total market for high output vehicle alternators is estimated at $600 million annually.
"We have been working closely with Wilson over the past several months and are anxious to see their field work completed and move to the manufacturing stage," said James Spellman, Raser's Vice President of Business Development. "Wilson's reputation for quality and service is legendary in the automotive industry. We are very pleased to be working with the largest re-manufacturer of alternators in North America and to see our technology introduced to the market by such a quality partner."
Raser also provided an update on the progress of its plug-in hybrid electric vehicle (PHEV) project with Patrick Schwartz, President of Raser Technologies, commenting, "FEV, our PHEV project's integrator, is expected to have the initial integration work completed by the end of August. Once the integration work is completed, we will continue to work closely with FEV and our OEM partner over the following few months to complete the customary testing and fine tuning of the full-size SUV prior to completion and public demonstration of the vehicle. We continue to be confident that we will meet the planned 100 mpg rating and 400 mile range with a 35 to 40 mile range in all-electric mode.
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly traded, environmentally focused technology licensing and development company operating in two business segments. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron(TM) technology developed internally by its Transportation and Industrial Technology segment. Raser's Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser's award-winning Symetron(TM) technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about the performance and market applicability of our products; our beliefs about the status and enforceability of the Company's intellectual property; our beliefs about the strength of our existing and potential business relations in the motor industry; our beliefs about the strength and enforceability of our agreements, our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners; our ability to hire, train and retain key personnel; our ability to successfully complete field testing of Symetron(TM) technologies. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the competitive environment and our ability to compete in the industry; the strength of our intellectual property; our inability to attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended March 31, 2008, as filed with the Securities and Exchange Commission, and all subsequent filings. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.