Tuesday, June 20, 2006

Amp Terminates Raser Acquisition

Draper, Utah-based Amp Resources, a firm focused on power generation technology, has terminated its acquisition by Raser Technologies. In a tersely worded statement yesterday, Amp said that it has terminated the Acquisition Agreement according to its terms as of June 16th. Raser and Amp had announced that they had entered into an agreement to be acquired by Raser Technologies in January, for $38M in cash plus 10 million shares of Raser stock, in addition to assumption of liabilities and debt. No reason for the termination was given. Amp is developing technology for heat transfer and renewable power generation in the geothermal energy arena.