SOURCE: Hoku Scientific, Inc.
|
March 24, 2008 16:15 ET
Hoku Solar Enters Into New Contract With Hawaii's Heineken, Coors and Miller Beer Distributor
KAPOLEI, HI--(Marketwire - March 24, 2008) - Hoku Solar, Inc., a wholly owned subsidiary of
Hoku Scientific, Inc. (NASDAQ: HOKU), established to design, engineer and
install photovoltaic (PV) power systems, today announced that it has signed
a definitive agreement with Paradise Beverages, Inc. to install a PV power
system at its Oahu facility. Hoku Solar had previously completed the
installation of two turnkey PV power systems for Paradise Beverages at its
Kailua-Kona, on the Big Island of Hawaii, and Lihue, Kauai, facilities.
Paradise Beverages is the Hawaii distributor for Heineken, Coors and Miller
products, and it consumes a significant amount of electricity to operate
its refrigerated and temperature-controlled warehouses. Upon completion of
the Oahu facility installation, the aggregate of all three PV power systems
for Paradise Beverages includes 350 kilowatts of PV panels, which are
expected to produce over 525,000 kilowatt-hours of electricity each year.
"The benefits of our PV power system installations on our Kailua-Kona and
Lihue facilities were immediate. This made our decision for an
installation on our Oahu facility with Hoku Solar an easy one," said Gordon
Usui, Chief Financial Officer for Paradise Beverages.
PV systems are a sensible way to utilize unused roof space to reduce energy
costs and environmental impact. Hoku Solar offers turnkey PV solutions in
Hawaii, providing design, engineering, financing, and installation
services.
About Hoku Scientific, Inc.
Hoku Scientific, Inc. (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 is a provider of turnkey
photovoltaic systems 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.hokuscientific.com.
Hoku® and Hoku Scientific® are registered trademarks and Hoku Solar™
is a trademark of Hoku Scientific, Inc. Hoku Materials is a trademark of
Hoku Materials, Inc. All rights reserved. All other trademarks and
service marks used in this press release are the property of their
respective owners.
Forward-Looking Statements
This press release contains forward-looking statements that involve many
risks and uncertainties. These statements relate to Hoku's ability to
successfully complete the photovoltaic (PV) installation for Paradise
Beverages; the performance and durability of Hoku Solar's PV system; actual
PV system performance; Hoku Scientific's future financial performance; Hoku
Scientific's business strategy and plans; and objectives of management for
future operations. 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'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 filings with the
Securities and Exchange Commission. 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.