[July 16, 2008] Raser Technologies Secures Additional Geothermal Leases Tweet PROVO, Utah --(Business Wire)-- Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it recently signed eight additional leases totaling nearly 6,000 acres in Utah and 1,200 acres in Nevada with private land owners. The recent signing of additional leases in Southern Utah expanded the holdings for the Thermo project near Beaver, Utah, to nearly 30,000 acres. Raser is in the process of completing construction of the Thermo No. 1 project (construction photos can be found at: http://www.rasertech.com/media/gallery/geothermal/index.htm). The 10-megawatt Thermo No. 1 project, situated on approximately 640 acres in Beaver County, Utah, will be the first commercial geothermal power plant built in the state of Utah in over 20 years. The additional acreage secured by these new leases will provide for future expansion of additional projects to be developed in the area. Raser also recently signed lease agreements for geothermal resources on nearly 1,200 acres in Nevada. The lease terms are generally for 10 or more years with rights to renew the leases for additional periods based on development activity or upon the payment of minimum rental payments. The financial terms of the leases were undisclosed. Sean McBride, Raser's associate general counsel, stated, "We are very excited about our initial results from drilling in this valley and have aggressively pursued additional leases in this area. Adding these new leases to our already substantial portfolio in the Thermo area will allow us to continue development in the area for several years to come. We continue to see increasing demand for baseload, green, renewable electric power, and with this addition to our land holdings, we continue to position ourselves to take advantage of these favorable market dynamics. We recently announced signing power purchase agreements to sell the renewable energy from this area to the city of Anaheim. We look forward to completing the construction of our first plant at Thermo by October of this year." 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 preliminary drilling results; our beliefs about the potential for geothermal power generation on our leased properties; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; our beliefs about our ability to successfully negotiate power purchase agreements; and our beliefs about the geothermal market generally. 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; our ability to adapt our technology for geothermal applications; our ability to secure necessary permits; the strength of our intellectual property; our ability 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. [ Back To TMCnet.com's Homepage ]