POCATELLO, ID, Mar 23, 2007 (MARKET WIRE via COMTEX News Network) -- Hoku Materials, Inc., a division of Hoku Scientific, Inc. (NASDAQ: HOKU) established to manufacture and sell polysilicon for the solar market, today announced that it has entered into a 99-year ground lease with the City of Pocatello, Idaho, for approximately 67 acres of land in Pocatello, Idaho. Hoku plans to construct a polysilicon production plant at this location that is capable of producing up to 2,000 metric tons of polysilicon per year. The annual rent for the ground lease is fixed at one dollar per year until the expiration of the lease on December 31, 2106.
In addition to this 67-acre lease, Hoku and the City of Pocatello have signed a separate agreement granting Hoku an option to lease an additional 450 acres of land owned by the City of Pocatello, which Hoku may use for future expansion. The terms of any future lease will be subject to good faith negotiations between Hoku and the City of Pocatello.
"The land we are leasing in Pocatello is more than enough space to accommodate our planned 2,000 metric ton polysilicon plant, and is conveniently located adjacent to major interstate highways and railroads," said Dustin Shindo, Chairman and CEO of Hoku Scientific. "We look forward to breaking ground in the next several weeks."
"We were pleased to offer Hoku this location for its polysilicon plant," said Roger Chase, Mayor of the City of Pocatello. "Hoku is bringing an entirely new industry to Pocatello, and we are pleased to support their efforts. This is a great opportunity for our community."
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 expanding its business to manufacture solar modules and polysilicon for the solar market. For more information visit www.hokuscientific.com.
This press release contains forward-looking statements that involve many risks and uncertainties. Hoku's ability to establish polysilicon production facilities in Pocatello, Idaho and manufacture polysilicon, to manufacture polysilicon of sufficient quality; Hoku's future financial performance; Hoku'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's filings with the Securities and Exchange Commission. Except as required by law, Hoku 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.
Hoku, Hoku Materials and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., all rights reserved.
CONTACTS For Hoku Scientific: Tel: 808-682-7800 Contact via http://www.marketwire.com/mw/emailprcntct?id=E255090747FBC4F3
SOURCE: Hoku Scientific, Inc.
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