November 21, 2006 10:23 AM Eastern Time
PROVO, Utah–(BUSINESS WIRE)–Raser Technologies, Inc. (NYSE Arca: RZ) (“Raser”), a technology licensing company established to develop and license advanced electric motor, controller and related technologies, today reported that the company has hired James A. Spellman as Director – Business Development – Transportation. In this new role, Spellman will direct Raser’s efforts to commercialize the company’s Symetron™ technologies in transportation markets.
Spellman, 49, joins Raser after a 27-year career with Remy International, formerly the Delco Remy division of General Motors. As Director of Hybrid Technology, Spellman organized a group to lead Remy’s entry to the hybrid motor and energy storage market. Spellman was a leader of teams in the
“Raser’s alternator innovations offer immediate benefit in heavy duty transportation applications, and the ISA technology offers great improvements for electric motors and controls for hybrid electric vehicles and mobile power generation,” said Spellman. “I look forward to applying my experience in the transportation markets to commercialize these exciting technologies.”
“Jim is an outstanding addition to the Raser team,” said Raser President Patrick J. Schwartz. “His groundbreaking work with the world’s largest automotive manufacturer is a perfect fit for Raser’s ongoing development of alternator and integrated starter-alternator (ISA) technologies. The U.S. Army recently funded continued development of our P-50 ISA, and Jim’s technical and market knowledge of the hybrid space will help Raser continue that R&D momentum into commercial applications.”
About Raser Technologies
Raser is a publicly traded technology licensing company focused on improving the efficiency of rotating electro-magnetic and heat transfer applications within the Transportation, Industrial and Power Generation markets. Further information on Raser may be found at: www.rasertech.com.
This press release contains certain information regarding James A. Spellman which was provided to the Company and which the Company, upon information and belief, believes to be true. This press release may contain 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 the Company’s beliefs about its technology, and the value of such technology; the status and enforceability of the Company’s intellectual property; the allocation of capital and the company’s commitment to the development and testing of its technologies; its applications, performance characteristics and the business prospects for such technology and the Company; the Company’s belief about the strength of its existing and potential business relations.
Any such forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including but not limited to, our operating history and history of losses, our inability to compete effectively in the marketplace, our inability to improve or the strength of our patents and other intellectual property; our inability to project the value of the hybrid market and such other risks as identified in our quarterly report on Form 10-Q for the period ended September 30, 2006, as filed with the Securities and Exchange Commission, and all subsequent filings, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
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.
Porter LeVay & Rose, Inc
Michael J Porter, 212-564-4700