SOURCE: Hoku Scientific, Inc.

 

HONOLULU, HI--(Marketwire - July 14, 2008) - Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced it has accepted an offer from Operating Engineers Local Union Number 3, District 17 (Hawaii) to sell its property and facility in Kapolei, Hawaii.

The closing of the sale is subject to various contingencies, including the sale by Operating Engineers of its current facility on Middle Street near downtown Honolulu.

"We are pleased by these developments," said Dustin Shindo, chief executive officer of Hoku Scientific. "The growth of our solar installations business here in Hawaii has changed our real estate needs. Our Kapolei facility was originally designed for research, development, and production of our fuel cell membrane and MEA products, and it no longer suits our solar panel warehousing, solar project development, and corporate office needs. Following the sale, we plan to relocate Hoku Scientific's global headquarters and our Hoku Solar operations to a new facility on Oahu."

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.

This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to the timing of Hoku Scientific's sale of its Kapolei facility, if at all; Hoku Scientific's ability to relocate to new facilities on Oahu; 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 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 filings with the Securities and Exchange Commission, as applicable. Except as required by law, Hoku Scientific does not assume any 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.