Raser Technologies Attends Workshop on Hybrid Electric Vehicles and Electric Motors Hosted by the Monitor Group

PROVO, Utah--May 24, 2004--Raser Technologies Inc. (OTCBB: RSTG) announces it attended a workshop on Hybrid Electric Vehicles and Electric Motors hosted by the Monitor Group in Cambridge, Mass. Earlier this year, Raser retained the Monitor Group to participate in the deployment of the commercialization strategy for the Symetron(TM) technology. As part of the market evaluation, the Monitor Group invited Raser management to participate in the workshop. The objective of the workshop was to gain expert opinions, develop a better understanding of current market and competing technologies, and to build a strategy for global market penetration and strategic alliances.

The workshop was attended by industry leaders, experts and consultants from major companies; leading MIT professors working in motor theory & development; and expert consultants from the Monitor Group in automotive and business strategy.

Raser Technologies' president, John Ritter, remarked, "Monitor is recognized as one of the world leaders in business strategy consulting and development with offices in 29 cities worldwide. Monitor has strong expertise in the market penetration of China and other global markets. We are excited about our relationship with the Monitor Group, and meeting with industry leaders during our participation in their recent workshop."

Information on the Monitor Group may be found at: http://www.monitor.com/cgi-bin/iowa/about/history.html.

Founded in 2001, Raser Technologies believes that its pending 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. 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, 20044, 2003. These risk factors should be read in conjunction with this release.