SOURCE: Hoku Scientific, Inc.

January 18, 2007 05:15 ET

Hoku Scientific, Inc. Announces Election of New Director

KAPOLEI, HI -- (MARKET WIRE) -- January 18, 2007 -- Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced the election of Dean K. Hirata to its Board of Directors. This independent director position fills the vacancy on the Board of Directors created by Lloyd Fujie's passing in December 2006. Mr. Hirata will also serve as the Chairman of the Audit Committee.

Mr. Hirata, age 49, has served since 2006 as Vice Chairman and Chief Financial Officer of Central Pacific Financial Corp., the holding company of Central Pacific Bank. From 2004 to 2006, he served as Executive Vice President and Chief Financial Officer of Central Pacific Financial Corp. From 2002 to 2004, he served as Executive Vice President and Chief Financial Officer of CB Bancshares, Inc., a bank holding company, whose principal subsidiary was City Bank. From 1999 to 2002, he served as Senior Vice President and Chief Financial Officer of CB Bancshares. Prior to joining CB Bancshares, Mr. Hirata served as Controller during his 9-year career at First Hawaiian Bank. His projects included the development and implementation of a bank-wide performance reporting system and various M&A financial analyses, including the merger of the former BancWest Corporation with and into First Hawaiian, Inc. in 1998. Prior to First Hawaiian Bank, Mr. Hirata began his career at KPMG, LLP where he earned his CPA and he supervised audits and other services for several industries, including financial institutions, hotels and non-profit entities. Mr. Hirata holds a Bachelor in Business Administration from the University of Hawaii.

Dustin Shindo, Chairman, President and Chief Executive Officer of Hoku Scientific, said, "We are pleased to have an individual with such substantial public company and accounting experience join Hoku's Board of Directors. With his breadth of experience, Dean will be a valuable addition to the Board of Directors."

On January 2, 2007, the Company notified The NASDAQ Stock Market LLC, that due to the untimely death of Lloyd M. Fujie, an independent member of the Company's Board of Directors and the Chairman of the Audit Committee, on December 27, 2006, the Company was no longer in compliance with NASDAQ Marketplace Rule 4350(c) and (d) which requires each listed issuer to have a majority of independent directors and an audit committee that consists of at least three independent members, respectively. On January 3, 2007, The NASDAQ Stock Market LLC confirmed via letter the Company's non-compliance with NASDAQ Marketplace Rule 4350 and provided the Company with a cure period in which to regain compliance in accordance with NASDAQ Marketplace Rule 4350(c)(1) and (d)(4). On January 16, 2007, the Company notified The NASDAQ Stock Market LLC that with the appointment of Mr. Hirata, the Company believes it had regained compliance with NASDAQ Marketplace Rule 4350. On January 17, 2007, The NASDAQ Stock Market LLC confirmed that the Company had regained compliance with the applicable listing requirements.

About Hoku Scientific, Inc.

Hoku Scientific (NASDAQ: HOKU) is a clean energy technologies company that develops and manufactures fuel cell membranes and membrane electrode assemblies (MEA) for stationary (including residential and back-up power applications) and automotive proton exchange membrane (PEM) fuel cells. The Company is currently planning to expand its business to manufacture solar modules and polysilicon for the solar market. For more information visit www.hokuscientific.com.

Contact Information

  • Contacts:

    Darryl Nakamoto
    Chief Financial Officer
    Hoku Scientific, Inc.
    (808) 682-7800
    Email Contact