Dec. 1, 2009 (Business Wire) -- Raser Technologies, Inc. (NYSE: RZ), an energy technology company, today announced it and its debt and tax equity partners for the Thermo No. 1 plant have agreed to extend the timeframe for finalizing the amendments to the Thermo Financing Agreements until December 3, 2009. This extension will allow the parties time to finalize the documentation.
The agreement amends the date by which Raser and its partners anticipate finalizing an updated agreement on the structure and final completion date of the Thermo No. 1 plant. The previous deadline was November 30, 2009. The Thermo Financing Agreements provide project financing and tax equity capital for the Thermo No. 1 project. The Company and its partners are amending the Thermo Financing Agreements in order to be consistent with recent tax law changes under the American Recovery and Reinvestment Act of 2009 (ARRA). Once the amendments are complete, the Company will file for a Section 1603 renewable energy tax credit grant under the ARRA. The Company expects the grant proceeds to be in range of $30–$34 million.
About Raser Technologies
Raser (NYSE: RZ) is an environmental energy technology company focused on geothermal power development and technology licensing. Raser’s Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology. Raser’s Transportation and Industrial segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser’s award-winning Symetron™ technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.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 expected timing relating to the restructuring of our financial agreements; our beliefs about the economic benefits of contemplated financing structures, and our beliefs about our ability to qualify for government incentives. 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 complete the amendments to the financial agreements and such other risks as identified in our quarterly report on Form 10-Q for the quarter ended September 30, 2009, 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 report.
