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Congress Passes Bill Including $2.1 Million in 2006 for Hybrid Electric Military Vehicle Research & Development

Posted on: Thursday, 29 December 2005, 06:00 CST

Raser Technologies, Inc. (PCX:RZ) ("Raser"), a technology licensing company that develops and licenses advanced electric motor, electronic motor drive and related technologies, today acknowledged the passage of HR2863 on December 21. With this final bill approved by Congress, it is anticipated that the President will sign it into law.

Included in HR2863 is $2.1 million of a proposed $12 million multi-year program for the development of Hybrid-Electric Military Vehicles, including Integrated Starter Alternator research and development. The funding will be administered by the Department of Defense.

In 2005, Raser was active in developing integrated starter alternator designs for the US Military for potential use in Future Combat System vehicles including a hybrid HMMWV (Humvee) under a Small Business Innovation Research grant ("SBIR").

"An electric hybrid vehicle using integrated starter alternators and other advanced electric drive systems will present our military with more options in increased fuel economy, onboard power generation and in-field tactical advantages which may help to facilitate our military's rapid deployment strategies," said Brent M. Cook, CEO for Raser. "Building on the success of our Phase I SBIR grant, we have supported Senators Bennett, Hatch and other key legislators in introducing a program for Hybrid Electric Military Vehicles. Congress acknowledged the need and the potential for incorporating new hybrid vehicle technologies in their truck fleet to help the military in terms of economy of operation, rapid deployment, stealth tactics on the ground and promoting the safety of our troops."

About Raser Technologies

Formed in 2003, Raser believes that its current and pending patents and proprietary intellectual property cover breakthrough technologies. Raser's Symetron(TM) technologies more efficiently harness electrical energy in electric motors, electronic motor drives and controllers, alternator and generator technologies. Application of Symetron(TM) generally requires minor changes to existing manufacturing processes for motors or their controllers, but yields significant increases in power, performance and efficiency to the rotating electro-magnetic application without the use of exotic materials. Raser is headquartered in Provo, Utah. Further information on Raser may be found at: http://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 the following: the award of government funds from HR2863 to the Company; the extension of Hybrid Electric Military Vehicle programs to fiscal years beyond 2006; final Presidential signature of HR2863; Symetron(TM) technologies' applications, performance characteristics and the government prospects for such technology. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, a determination to not award funds to the Company, changes in market or military conditions impacting the need for the Company's technology, a determination to not fund Hybrid Electric Military Vehicle programs beyond 2006, risks associated with commercialization or use of the technology in governmental applications, and such other risks as identified in our quarterly report on Form 10-QSB for the quarter ended September 30, 2005, as filed with the Securities and Exchange Commission, and all subsequent filings, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. 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.

Source: Business Wire

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