Message #36 From:
Stock News Bot Date: February 3, 2009 09:38:35 AM
RZ Raser Significantly Adds to Its Oregon Geothermal Resource Holdings with 37,000 Acres Raser Technologies, Inc. (NYSE: RZ) announced today that it has entered into a long-term lease agreement with private land owners covering 37,000 acres of geothermal
Raser Technologies, Inc. (NYSE: RZ stock news) announced today that it has
entered into a long-term lease agreement with private land owners
covering 37,000 acres of geothermal resources in Southeastern Oregon.
The terms of the lease agreement were not specified, but include surface
and other rights necessary to build geothermal power plants. The
property includes a number of hot springs and wells that indicate the
presence of significant geothermal resources. “Working with the
University of Utah’s Energy and Geoscience Institute, Raser has
determined this area is one of the more significantly promising
geothermal systems,” stated Brent M. Cook, CEO of Raser. “We believe
this is a vast resource area of mid temperature binary potential.”
“Well logs of drilling in the area over the last few decades in
combination with our work done during the past 13 months in this area
reveals heat and flows of geothermal fluids indicating that this is
potentially a significant resource for geothermal development,” stated
Richard Clayton, Raser’s Executive Vice President. “The land is ideally
located in southern Oregon so that the power generated from the resource
can be sold into either the Oregon or California renewable energy
markets.”
About Raser Technologies
Raser (NYSE: RZ) is an 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.
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
September 30, 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.
