SOURCE: Hoku Scientific, Inc.

January 05, 2007 10:00 ET

Hoku Scientific, Inc. Expresses Sympathy on Death of Board Member Lloyd Fujie

Loss of Board Member Triggers Receipt of NASDAQ Staff Deficiency Letter

KAPOLEI, HI -- (MARKET WIRE) -- January 5, 2007 --Hoku Scientific, Inc. (NASDAQ: HOKU) mourns the loss of Board Member Lloyd Fujie who passed away last week.

On behalf of the Company, Dustin Shindo, Chairman of the Board, President and Chief Executive Officer, extends condolences to his wife, Carol, and the entire Fujie family. Mr. Fujie first joined Hoku's board in September 2006. In his term with the Company as Chairman of the Audit Committee, his knowledge of accounting and sound business judgment was invaluable to the Company. The Board, management and employees of Hoku are grateful for his dedication, service and leadership contribution. His support and efforts will be sorely missed.

Hoku's Bylaws provide that the vacancy created on the Board by Mr. Fujie's passing can be filled by the affirmative vote of a majority of the directors still in office. As a result of Mr. Fujie's passing, Hoku is currently not in compliance with NASDAQ Marketplace Rule 4350, which requires each listed issuer to have a majority of independent directors and an audit committee that consists of at least three independent members. On January 2, 2007 Hoku notified The NASDAQ Stock Market LLC of its non-compliance with NASDAQ's requirements for continued listing. On January 3, 2007 NASDAQ confirmed via letter Hoku's non-compliance and provided Hoku a cure period in which to regain compliance as follows: until the earlier of Hoku's next annual shareholders' meeting or December 27, 2007; or if the next annual shareholders' meeting is held before June 25, 2007, then Hoku must provide evidence of compliance no later than June 25, 2007. Hoku's Board has begun the search for a new independent director to serve as Chairman of the Audit Committee.

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 for stationary (including residential and back-up power applications) and automotive proton exchange membrane 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

Hoku, Hoku Materials, Hoku Solar and Hoku Scientific are trademarks of Hoku Scientific, Inc., all rights reserved.

Contact Information

  • CONTACTS For Hoku Scientific:
    In Hawaii:
    Hoku Scientific
    Tel: 808-682-7800
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