Raser Secures Eight More Geothermal Leases.Raser Deepens Its Utah Geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge Resource Portfolio 28,901 Acres in Utah Now Under Lease PROVO, Utah -- Raser Technologies, Inc. (NYSE Arca For other uses of "ARCA", see ARCA. NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an entirely online securities exchange on which both stocks and options are traded. : RZ) announced today that it has secured additional geothermal rights in Utah under the terms of eight lease agreements. These leases mark Raser's third batch of geothermal leases outside of Nevada and are part of its strategy to establish a diversified geothermal resource portfolio. Raser has secured the rights to the geothermal resources on 9,889 acres located in Central Utah. The leases carry ten-year terms and are renewable for additional periods based on development activity or upon the payment of minimum rental payments. The financial terms of the leases are undisclosed. Oil and gas wells in the general vicinity encountered hot water at temperatures usable by Raser for generating power, and thus, Raser believes these areas are promising sites for further examination. These leases bring the total land Raser has under lease in Utah to 28,091 acres. "We continue to acquire access to the geothermal resources that we believe lie underground in the Intermountain West The Intermountain West is a region of North America lying between the Rocky Mountains to the east and the Cascades and Sierra Nevada to the west. It is also called the Intermountain Region. as part of our strategy to develop this vital, green energy source," stated Brent M. Cook, Raser's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Not only is geothermal power Geothermal power Thermal or electrical power produced from the thermal energy contained in the Earth (geothermal energy). Use of geothermal energy is based thermodynamically on the temperature difference between a mass of subsurface rock and water and a mass environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] , but we also believe that it represents part of the United States' solution for energy independence. The entire nation should be adopting renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. portfolio standards, particularly those states in the geothermally ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge active West." About Raser Technologies Raser is a publicly-traded technology licensing and development company operating in two business segments. Raser's Transportation and Industrial Technology segment focuses on using Raser's Symetron[TM] technology to improve the efficiency of electric motors and other applications. Raser's Power Systems segment is seeking to develop new geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron[TM] technology. Further information on Raser may be found at: www.rasertech.com. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 potential for geothermal power generation on our leased properties; our belief about our ability to exploit the available geothermal resources; our beliefs about the strength and enforceability of our agreements; and our beliefs about the geothermal market generally. 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; our ability to adapt our technology for geothermal applications; the strength of our intellectual property; our inability to attract, train and retain key personnel; and such other risks as identified in our annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006, 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion