PROVO, Utah, May 10, 2010 (BUSINESS WIRE) -- Raser Technologies, Inc. (NYSE: RZ), an energy company, announced today that it has terminated the Controlled Equity Offeringsm, or "at-the-market," program previously announced on April 8, 2010. Raser provided notice to the sales agent, Cantor Fitzgerald & Co., of its intent to terminate the Sales Agreement between Raser and Cantor Fitzgerald & Co.
Raser CEO, Nick Goodman said, "Since the announcement of the Controlled Equity Offeringsm we have seen a great deal of volatility and a downward trend in the price of our common stock. We continue to believe that we can enhance stockholder value by executing our business plan, and we intend to use our best efforts to do so. In total, we have raised approximately $1.8 million in proceeds from the Offering, which equals approximately 6.1% of the total volume of shares traded since the Offering was announced on April 8th. While we are disappointed the ATM may have contributed to increased volatility of our stock price, we are comfortable that we have sufficient capitalization to meet our current needs and look forward to the results from our ongoing development and drilling activities at Lightning Dock." Raser is currently engaged in a process with the intent to monetize the tax benefits from the Thermo No. 1 project with a new tax equity party. The new tax equity party would replace Merrill Lynch, whose equity interest in the Thermo No. 1 project was redeemed in December 2009.
About Raser Technologies Raser (NYSE: RZ) is an environmental energy technology company focused on geothermal power development and technology licensing. Raser's Power Systems segment develops clean, renewable geothermal electric power plants with one operating plant in southern Utah and eight active and early stage projects in four western United States: Utah, New Mexico, Nevada and Oregon, as well as a concession for 100,000 acres in Indonesia. Raser's Transportation and Industrial 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 related to our ability to reach an agreement with a new tax equity party to monetize the tax benefits associated with the Thermo No. 1 project and such other risks as identified in Raser's annual report on Form 10-K for the year ended December 31, 2009, 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 Raser as of the date hereof, and Raser undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this release.
SOURCE: Raser Technologies, Inc.
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