Dutton Associates Announces Investment Opinion: Raser Technologies Not Rated In Initiating Coverage By Dutton Associates

EL DORADO HILLS, Calif.--Dutton Associates initiates coverage of Raser Technologies with no rating or price target. The 10-page report by Dutton senior analyst Gerald A. Rothstein, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Raser Technologies is a development stage company with two parallel areas of interest. The first, which was the Company’s original thrust, is technology to create more efficient electric motor controller technology which the Company believes offers significant cost and fuel efficiency advantages. Raser’s development work in this area has attracted a good deal of interest from automobile and work vehicle manufacturers. Because of the high electrical requirements of hybrid vehicles, it is believed that Raser’s device would be particularly applicable to that rapidly growing vehicle class. The Company’s second, and more recent, area of focus is geothermal energy. Earlier this year, Raser was able to get a global license for AMP’s technologies. We are impressed with the potential of the Company’s alternator technology (Symetron) and with its strategy to acquire and develop geothermal reserves; both of these could benefit from the demand to reduce energy consumption and economically increase energy efficiency. In our opinion, both thrusts are too early in development for us to develop an earnings model or to feel comfortable rating the stock at this time. We are introducing coverage without a rating, and we will closely monitor Raser, looking for validation of its Symetron technology from a major auto maker or supplier and/or development of a meaningful geothermal reserve with financing and a purchase power agreement in place before generating a more positive rating regarding the purchase of this stock.

About Dutton Associates

Dutton Associates is one of the largest investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $39,500 from the Company for 4 Research Reports with coverage commencing on 1/30/2007. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.