Raser Signs Symetron™ License Agreement with Wilson Auto Electric, North America’s Largest Independent Re-Manufacturer of Alternators
PROVO, Utah--Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it has signed a worldwide license agreement with privately held Wilson Auto Electric Ltd. of Canada, in which Wilson will have the right to incorporate Raser’s Symetron™ electromagnetic motor and generator technology into truck and automotive alternators. Prior to the signing of this agreement, Raser and Wilson have been operating under a memorandum of understanding that set forth the procedures for the testing and mass-production qualification of Raser’s Symetron™ technology. The term of the license agreement is five years. Financial terms were not disclosed.
The license agreement provides for the use of Raser’s Symetron™ technology in both 12-volt and 24-volt high output brushless claw-pole alternators, including Raser’s proprietary Intelligent Voltage Regulator (IVR). The primary use for these types of alternators is currently in medium and heavy duty trucks, buses, taxis, emergency and specialty vehicles, and agricultural equipment. The total market for high output, vehicle alternators is estimated at $600 million annually, of which brushless alternators represent approximately 30%. At a 6-8% annual growth rate, the long life and low maintenance brushless market is expected to grow faster than the brushed market. Wilson plans to begin field testing the Symetron™ enhanced alternators in the fourth quarter of 2007 and anticipates completing this testing program in the second quarter of 2008.
“Raser’s Symetron technology gives us a distinct competitive advantage in the market. We are very pleased with the higher output and increased efficiency offered by Raser’s technology. We hope to use Symetron technology to secure our leadership in this growing market,” said Larry Fedoruk, General Manager, Wilson Auto Electric.
Patrick Schwartz, Raser’s President stated, “We are thrilled to advance our relationship with Wilson. After more than 67 years in business, they have a well-earned reputation for providing the truck and automotive industries with high quality products and service. We look forward to a long and mutually rewarding relationship with them.”
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly-traded, green-focused technology licensing and development and geothermal project development company operating in two business segments. Raser's Transportation and Industrial Technology segment focuses on using Raser's Symetron™ technology to improve the efficiency of electric motors and other applications. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron™ technology. Further information on Raser may be found at: www.rasertech.com.
About Wilson Auto Electric
Wilson Auto Electric Limited is the largest independent North American manufacturer and re-manufacturer of alternators, starters and electrical component parts for the automotive, agricultural, industrial, heavy duty truck, and marine aftermarkets. For more information on Wilson, please visit http://www.wilsonautoelectric.com.
Contacts:
Martin Petersen, Chief Financial Officer, Raser Technologies, Inc. 801-765-1200, marty.petersen@rasertech.com
Mike Silva, Sales and Marketing Manager, Wilson Auto Electric Ltd. 204-667-5535, msilva@wilsonautoelectric.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding: our beliefs about the performance and market applicability of our products; our beliefs about the status and enforceability of the Company's intellectual property; our beliefs about the strength of our existing and potential business relations in the motor industry; our beliefs about the strength and enforceability of our agreements, our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners; our ability to hire, train and retain key personnel; our ability to successfully complete field testing of SymetronTM technologies. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the competitive environment and our ability to compete in the industry; the strength of our intellectual property; our inability to attract, train and retain key personnel; and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended June 30, 2007, as filed with the Securities and Exchange Commission, and all subsequent filings.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.