SOURCE: Hoku Scientific, Inc.

Hoku Scientific, Inc.

February 12, 2009 08:00 ET

Hoku Executives Decline Cash Bonuses

HONOLULU, HI--(Marketwire - February 12, 2009) - Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced its Board of Directors had received a letter signed by all four of its executive officers asking that the Board not pay any cash bonuses to them for the company's fiscal year ending March 31, 2009.

In March 2008, the independent members of Hoku Scientific's Board of Directors, or the Independent Directors, approved an executive compensation plan that provides for a combination of stock and cash bonuses that would be awarded, at the Board's discretion, based on the company's successful progress in raising capital and in operating the planned polysilicon production facility in Pocatello, Idaho.

In a letter to the Board of Directors, Hoku's executives wrote, "We feel we have made significant progress towards our objectives in fiscal 2009 by, among other things, securing the receipt of $103 million in cash prepayments from customers fiscal year-to-date; advancing our polysilicon production facility from basic civil construction all the way to initial reactor placement; and increasing the company's solar photovoltaic installation project portfolio by 600% as compared to fiscal 2008. However, in the current economic climate, we are asking our customers, vendors, suppliers, and employees for continuing support to manage our cash. We are each fully committed to the long term success of Hoku, and we respectfully ask that the Board of Directors forego consideration of cash bonuses to each of us for fiscal year 2009."

Dean Hirata, Chairman of the Audit Committee of Hoku Scientific's Board of Directors, and the lead Independent Director, said, "Hoku's management team should be commended for their leadership. They have demonstrated their commitment to building a long-term sustainable business. Their personal loyalty to each other, and to Hoku, is unmatched in my experience."

About Hoku Scientific, Inc.

Hoku Scientific (NASDAQ: HOKU) is a diversified clean energy technologies company with three business units: Hoku Materials, Hoku Solar and Hoku Fuel Cells. Hoku Materials plans to manufacture, market and sell polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and related services in Hawaii. Hoku Fuel Cells has developed proprietary fuel cell membranes and membrane electrode assemblies for stationary and automotive proton exchange membrane fuel cells. For more information visit www.hokucorp.com.

Hoku, Hoku Solar, and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements that involve many risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku Scientific's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku Scientific's respective filings with the Securities and Exchange Commission, as applicable. Except as required by law, Hoku Scientific assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contact Information

  • For more information contact:

    Hoku Scientific, Inc.
    808-682-7800
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