Raser Technology (RZTI.OB) Finalizes Transaction to Launch New Electric Automotive Company
Prominent technology company Raser Technologies, Inc. announced on Tuesday that it has finalized a transaction to form a new electric automotive company with a small group of private investors. Led by California investor Carl E. Berg, the plan will be focused initially on trucks and SUVs for fleet customers. In the transaction, Mr. Berg will capitalize the new company with $4.5 million, which will be used as working capital for the new company. Mr. Berg will receive $2.5 million in cash, $1.5 million of which was paid at closing and the remainder is to be paid by December 20, 2010.…