Raser Technologies Completes its Funding Registration with SEC

PROVO, Utah--Sept. 30, 2004--Raser Technologies, Inc. (OTCBB:RSTG) (the "Company") completed its registration statement required by its funding agreement with no comments from the SEC. The registration is expected to become effective on or before October 8, 2004. According to a Company spokesman, the management at Raser Technologies is excited with the completion of the registration, as this completes the funding process necessary to execute its testing programs and the implementation of its business strategy. The Company reiterated its confidence with the progress of testing programs underway, and the statements made in its recent 10QSB related to near-term customer revenue.

Raser Technologies' CEO Kraig Higginson stated, "With the capital in Raser's account, the Company intends to continue to execute its business plan, including our intention to license the technology to major motor manufacturers. Further, in statements recently made in both our 10QSB and other public announcements, we are tracking quite well towards our business plan. I look forward to being able to speak in more detail with regard to a status on existing projects, which are currently underway. We expect to provide results to recent testing, activity associated with motor manufacturers and on other activities in progress."

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 10K filing dated 30 March, 2004. These risk factors should be read in conjunction with this press 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.