Raser Technologies, Inc. (NYSE Arca:RZ) commented on today’s passage by the House Ways and Means Committee’s $57 billion Energy and Tax Incentives Act of 2008 (H.R. 6049). The legislative package proposes the extension of the production tax credits for new renewable energy projects like Raser’s geothermal power projects. The proposed extension would grant the continued credits for renewable energy projects that are placed in service through 2011.
“I am fully committed to working with my colleagues to move legislation that will encourage the production and use of alternative energy,” said Max Baucus, Chairman of the Senate Finance Committee, in a statement about the legislation.
Brent M. Cook, Raser’s CEO, commented, “We applaud the vision of our Congressional leaders to renewable energy and believe that this important piece of legislation will stimulate the continued growth of economical and environmentally-friendly geothermal energy production. The extension of the production tax credits encourages aggressive growth in renewable energy development and supports our rapid deployment strategy for building a number of geothermal power plants over the next decade. We support moving forward with and passing this legislation 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™ 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™ 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 annual 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.
Contacts:
Investor Relations:
Richard
Putnam, 801-765-1200
investorrelations@rasertech.com
or
Hayden
Communications, Inc.
Cameron Donahue, 651-653-1854
cameron@haydenir.com
