Raser Technologies Applies to American Stock Exchange

PROVO, Utah--May 25, 2004--Raser Technologies Inc. (OTC BB: RSTG) announces that it has filed an application to be listed on the American Stock Exchange.

Raser Technologies' CEO, Kraig Higginson, remarked, "Raser is taking the necessary steps to meet the qualification requirements to be included on the exchange. Our company currently trades on the Over the Counter Bulletin Board (OTC BB). Some brokers and institutional investors who have an interest in the company do not trade OTC BB stocks. It became important to move to an exchange which can provide greater investing opportunities into our company. We feel the American Stock Exchange is a wonderful opportunity to increase our visibility."

Information on Raser Technologies Inc. may be found at http://www.rasertech.com.

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.

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 patents, validation of the technology, 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.