Message #26 From:
Stock News Bot Date: November 10, 2006 12:30:00 AM
RZ News Raser Technologies, Inc. Announces Third Quarter 2006 Financial Results
PROVO, Utah--(BUSINESS WIRE)--Raser Technologies, Inc. (NYSE Arca: RZ) (“Raser”),
a technology licensing company established to develop and license
advanced electric motor, controller and related technologies, today
reported financial results for the quarter ended September 30, 2006.
“During the third quarter, we successfully
added heat transfer technologies to our portfolio through the settlement
of our attempted acquisition of Amp Resources,”
said Raser Chief Executive Officer Brent M. Cook. “Amp
Resources is a developer of renewable energy power plants and licensor
of cleantech power generation technologies headquartered in Draper, UT.
We believe these technologies will complement our AC induction based
Symetron™ technology within the power
generation industry, and as a result, will accelerate our progress in
expanding customer acceptance of our technologies within the
Transportation, Industrial and Power Generation marketplace.”
“Raser has formed a special market development
team to educate the transportation industry about the benefits of our
Symetron™ technology in support of our efforts
to promote the benefits of our technology and capabilities to the
transportation marketplace,” said Raser
President Patrick Schwartz. “Recent
independent testing found that a Raser-designed brushless alternator had
outputs ranging up to 56% greater than a standard heavy-duty alternator.
In addition, the P-50, our Symetron™-enabled
integrated starter alternator (ISA) and the springboard of our product
development in the transportation sector was recently named ‘Drive
System Technology Innovation of the Year’ by
Frost & Sullivan and remains a highly visible testament to our
technological achievements. We expect to continue discussions with
automotive suppliers throughout the fourth quarter of 2006 to establish
how our technology can best be incorporated into their products.”
Raser announced a new 100-kilowatt AC induction based electric motor
design called the Symetron™ P-100 in a press
conference at the 22nd Electric Vehicle Symposium (EVS-22) held October
23-28, 2006 in Yokohama, Japan.
For the third quarter of 2006, Raser reported a net loss of $5.9
million, or $0.12 per common share, compared to a net loss of $2.5
million or $0.05 per share, for the third quarter of 2005.
Raser ended the third quarter of 2006 with cash and cash equivalents of
$5.5 million and no long-term debt. In addition, Raser anticipates full
payment of the outstanding $5.8 million note receivable and related
interest from Amp Resources on March 1, 2007. Full access to Raser’s
10-Q is available in the Investor Relations section of Raser’s
web site, www.rasertech.com, and
on the EDGAR web site, www.sec.gov.
About Raser Technologies
Raser is a publicly traded technology licensing company focused on
improving the efficiency of rotating electro-magnetic and heat transfer
applications within the Transportation, Industrial and Power Generation
markets. 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 the Company's beliefs about the Symetron™
technology; the status and enforceability of the Company's
intellectual property; the allocation of capital and the company's
commitment to the development and testing of the Symetron™
technologies; its applications, performance characteristics and the
business prospects for such technology and the Company; the Company’s
belief about the strength of its existing and potential business
relations, particularly with Amp Resources; the Company’s
belief about its ability to educate the transportation industry about
the benefits of the Symetron™ technologies;variances which may arise between test results and actual results;
and the Company's future results of operations.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ, including but
not limited to, our limited operating history and history of losses, our
inability to compete effectively in the marketplace, our inability to
improve or the strength of our patents and other intellectual property;
our inability to project the value of the hybrid market and such other
risks as identified in our quarterly report on Form 10-Q for the period
ended September 30, 2006, 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.
