Raser Technologies Selects New President and Board of Directors Member

PROVO, Utah--Feb. 3, 2004--Raser Technologies Inc. (OTC BB: RSTG) (the "company") announces that it has elected John Ritter as a member of the company's board of directors and has appointed Ritter as president of the company. Ritter, who will report to the company's CEO, Kraig T. Higginson, will manage all operations.

Ritter is a senior business executive with broad experience in the aerospace, automotive and power generation markets. Most recently, working with The Carlyle Group, Ritter was a key player in the acquisition of six automotive aftermarket businesses that were combined to form United Components Inc. Ritter also served as chief financial officer of United Components. Prior to this, Ritter held the position of senior vice president and chief financial officer for Alcoa's Industrial Components Group and senior vice president and chief financial officer of Howmet Corp. Ritter also held senior executive positions with several operating divisions of AlliedSignal and United Technologies Corp. Ritter received a bachelor of science degree and an MBA degree from Ohio University and, as a Sloan fellow, a master of science degree from Massachusetts Institute of Technology.

The company's CEO, Kraig T. Higginson, remarked, "(O)ur small company finds itself at the forefront of what we understand and believe to be an unparalleled technological advancement. We view our proprietary Symetron(TM) technology as enabling electric motor manufacturers to produce motors with significantly greater power-to-cost ratios than available anywhere in the world today. With technology as considerable as this, we felt it important to secure the greatest minds in the industry to our team. (Mr. Ritter's) broad experience as a senior executive with several Fortune 100 technology companies, coupled with his experience in contracting, financing and licensing, make (him) an ideal leader for our company. We are extremely pleased to have him as our new president and member of our board of directors."

Ritter added, "I am extremely pleased to become a part of the Raser Technology team. The Symetron technology has both enormous business potential and the potential to make a real difference in improving our daily lives through improved energy efficiency and the reduction of harmful emissions."

Founded in 2001, Raser Technologies Inc. believes that its pending patents cover breakthrough electric motor technology. This technology effectively harnesses one of nature's most useful forms of energy and delivers it in a low-cost, lightweight application for use in electric motor systems 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.