Raser Technologies Installs Symetron Technology Into a High Torque AC Induction Pancake-Style Electric Motor

PROVO, Utah--Dec. 15, 2003--Raser Technologies Inc. (OTCBB: RSTG) announced it has successfully installed its proprietary Symetron(TM) Technology into a flat or pancake-style motor designed for integrated or direct drive applications. Most hub or pancake-style motors rely on traditionally expensive permanent magnets derived from a limited supply of rare earth materials. Raser Technologies' top management believes that this unique implementation combines the most economical aspects of AC induction-style motor technology with a flat or hub-style motor that is able to achieve very high torque. This innovation is due to the high power density achieved from the Symetron(TM) technology enhancement, and other design innovations by Raser Technologies. This new motor design does not rely on permanent magnet material, but rather uses more affordable copper. A report on the P1 pancake electric motor, as it was unveiled at the Long Beach EVS-20 Electric Vehicle Show in November, may be found at the Company's Web site: http://www.rasertech.com/evs_review.html.

A flat or integrated direct drive motor is used in some of the world's best-selling hybrid vehicles including those manufactured by Toyota and Honda.

Preliminary data shows that the motor has the potential to deliver more horsepower per pound than current technology used in the most popular hybrid vehicles. The new P1 motor is scheduled to undergo more extensive testing as required by motor manufacturers prior to licensing. Raser Technologies intends to test this new motor technology under the scrutiny of several motor manufacturers and automobile makers, and plans to share the test results with them for consideration in future vehicles.

Raser Technologies' CEO Kraig Higginson remarked, "The importance of installing the Symetron(TM) motor technology is significant. We believe it offers car manufacturers an economical alternative for higher-power electric motors in their hybrid vehicles. As consumers demand even higher vehicle mileage and cleaner emissions, we feel that the role of the electric motor in the hybrid vehicle will continue to increase. Symetron(TM) technology in a pancake or hub motor is intended to offer very high power density and economy. We believe consumers will continue to demand more power and greater economy."

Founded in 2001, Raser Technologies believes that its patents cover breakthrough electric motor technology. This technology more effectively harnesses one of nature's most useful forms of energy and delivers it in a low-cost, lightweight electric drive system for industry, home and electric vehicles.

This press release may contain forward-looking statements including the company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, realization of customer contracts, strength of the company's pending intellectual property, changes in anticipated earnings of the company and other factors detailed in the company's filings with the SEC. In addition, the factors underlying company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The company does not undertake to update them; however, it may choose from time to time to update them and if it should do so, it will disseminate the updates to the investing public.

A list of the potential risk factors that may affect the company's prospects may be found in the company's most recent 8K filing dated Oct. 1, 20034, 2003. These risk factors should be read in conjunction with this release.