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RZ News Raser Technologies Appoints Martin F. Petersen as Its New Chief Financial Officer

PROVO, Utah--(BUSINESS WIRE)--Raser Technologies, Inc. (NYSE Arca: RZ), a technology licensing company established to develop and license advanced electric motor, controller and related technologies as well as to establish geothermal electricity generating plants, announced today that it has appointed Martin F. Petersen as Chief Financial Officer, succeeding William Dwyer.

Petersen, 46, comes to Raser from The Event Source, a US contracting business in Iraq, where he was Chief Financial Officer. The Event Source engaged in catering, construction and logistics for the United States military in Iraq. As one of four members of the executive management team, he was responsible for all contracting, finance, accounting, legal, logistics, risk management and administrative functions as well as numerous operations functions.

Petersen began his career at Nikko Securities as an associate in Tokyo performing general corporate finance and execution functions related to the underwriting of securities in the Euro and Japanese domestic markets. After Nikko, he spent approximately seven years in investment banking with Merrill Lynch both in New York and Tokyo, first as an associate and then vice president. There he originated and executed various equity and debt offerings for corporate clients. Further, he performed analysis and advisory work for companies relating to acquisitions and divestitures, strategic alliances, restructurings, company valuations, shareholder value enhancement and investor relations.

In addition, Petersen has been vice president and treasurer of the multi-billion dollar global chemical company, Huntsman Corporation of Salt Lake City, where he was part of a team that raised over $4.5 billion in capital primarily related to global acquisitions, executed acquisitions with a combined value of approximately $4.1 billion and divestitures valued at approximately $1.3 billion. He has also served as Chief Financial Officer of TenFold Corporation, a NASDAQ-listed software development company. Petersen holds an MBA in Finance from the University of Chicago Graduate School of Business as well as a Bachelor of Arts in International Relations from Brigham Young University, with a minor in Japanese.

Brent M. Cook, Chief Executive Officer of Raser, said, “We are very fortunate to have Marty joining us at Raser. With over 18 years’ financial management experience, he is a proven professional. We expect him to be involved in every aspect of Raser’s growth in both its electric motor controller business and in the newly opened geothermal electricity generating business, including Sarbanes-Oxley compliance. We believe we are on the verge of rapid growth, and it is vital that we have someone of Marty’s business acumen and reporting experience to ensure that we manage that growth in a healthy and productive fashion.”

Petersen stated, “I am excited about joining Raser at this stage of the Company’s development. Its high performance electric motor and controller technology has applications across a broad range of power generation, transportation and industrial applications. Moreover, its intention to build its geothermal electricity generating business is a very positive and exciting move for the Company.”

About Raser Technologies

Raser is a publicly-traded technology licensing company focused on improving the efficiency of rotating electromagnetic and heat transfer applications within the Transportation, Industrial and Power Generation markets. Further information on Raser may be found at: www.rasertech.com.

Cautionary Note

This press release contains certain information regarding Martin F. Petersen which was provided to the Company and which the Company, upon information and belief, believes to be true. This press release may contain 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 its technology, and the value of such 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 its 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.

Any such forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including but not limited to, our operating history and history of losses, our inability to compete effectively in the marketplace, our inability to properly finance the company, our inability to establish certain business relationships, our inability to improve or the strength of our patents and other intellectual property; our inability to project the value of markets 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.