Raser Technologies Retains Ty Mattingly in Preparation for New Business Opportunities

PROVO, Utah--Nov. 3, 2004--Raser Technologies, Inc. (OTCBB:RSTG) (the "Company") announces that it has retained Mr. Ty Mattingly as a business development strategist. Mr. Mattingly co-founded SBI Group in 1997 and, until the company was sold to Aquantive, Inc. (AQNT) for $160M in cash, he served as vice president of corporate development, which included strategic acquisitions. Prior to SBI, he was senior vice president of sales and business development for Novonyx, a joint venture with Netscape Communications that was acquired by Novell.

As SBI Group Inc.'s executive vice president of corporate development, Mattingly positioned the technology and marketing consulting firm for global success with ties to Europe and Japan. SBI is a major interactive marketing and IT services firm with approximately 900 employees in 12 offices throughout the U.S.

Raser Technologies' CEO, Kraig Higginson, stated, "We are excited to add Ty to our business development group. His 18 years experience with high technology and licensing involves numerous negotiations with Fortune 100 Companies, including forging relationships with key executives and CEOs from HP, SUN, Intel, Oracle, Microsoft, Netscape and various others. We look forward to having Ty as part of our team developing the Company's negotiating strategies."

About SBI Group

SBI Group Inc. helps leading companies use creativity and information technology to solve critical marketing and operational business challenges. Its SBI.Razorfish division takes a user-centric approach to design and implement web-based systems and related marketing programs that build stronger customer relationships, increase revenue, and enhance user satisfaction. Its SBI.Enteris division works with clients to boost performance by improving business processes and their supporting technologies. SBI Group has offices in major cities throughout the U.S. and a European base of operations in London. For more information visit www.sbigroup.com.

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.