Kapolei, Hawaii - February 13, 2006 - Hoku Scientific, Inc. (NASDAQ: HOKU) today announced that Hoku has been awarded a new contract by Nissan Motor Co., Ltd. (NASDAQ: NSANY). Hoku is developing advanced hydrocarbon-based membranes and MEAs for Nissan's fuel cell cars and trucks. The companies have worked together since March 2004. Nissan is one of the world's leading passenger car and truck manufacturers. Hoku is a designer, developer and manufacturer of membrane electrode assemblies (MEAs) and membranes for proton exchange membrane (PEM) fuel cells.
Dustin Shindo, chairman, president and chief executive officer of Hoku Scientific said, "Nissan is one of the world's largest automobile manufacturers. They have shown a strong commitment to developing fuel cell cars and trucks, and this new contract demonstrates the strength of our continuing relationship with Nissan. We have successfully worked together since March 2004, meeting all technical goals on time, on budget and as expected. We are excited by this next step towards integrating Hoku MEA into Nissan's fuel cell cars and trucks."
Although the contract was signed in February, Hoku and Nissan have been working together to meet the contract goals since January 1, 2006, and the companies will conduct joint testing of newer versions of Hoku Membrane and Hoku MEA at Hoku's facility in Kapolei, Hawaii, and at Nissan's facility in Oppama, Japan, through September 30, 2006.
Earlier today, Hoku revised its top-line revenue guidance for its fourth fiscal quarter ending March 31, 2006. The revenue that Hoku expects to recognize under this contract was included as part of the revised top-line revenue projection provided earlier today.
Additional details regarding the new contract may be found in a Current Report on Form 8-K that Hoku Scientific filed today with the U.S. Securities and Exchange Commission.
About Hoku Scientific, Inc.
Hoku Scientific (NASDAQ: HOKU) 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. For more information visit www.hokuscientific.com.
About Nissan Motor Co., Ltd.
Nissan Motor Co., Ltd. (NASDAQ: NSANY) is one of the world's leading passenger car and truck manufacturers. For more information visit www.nissan-global.com.
Forward Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Scientific's expectations regarding its joint testing with Nissan Motor Co., Ltd.; the performance of Hoku Scientific's membrane and membrane electrode assembly products in such testing; Hoku Scientific's ability to develop membranes and MEAs that meet Nissan's performance, durability and cost goals for its fuel cell cars and trucks; Hoku Scientific's relationship with Nissan; Hoku Scientific's future performance with respect to the testing by Nissan; the ultimate integration of Hoku Scientific's membrane and MEA products into Nissan's fuel cell cars and trucks; 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 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. 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.
Hoku, Hoku Membrane, Hoku MEA and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., all rights reserved. Nissan is a trademark of Nissan Motor Co., Ltd., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders.
CONTACTS For Hoku :
In Hawaii:
Hoku Scientific
Tel: 808-682-7800
ir@hokusci.com In New York:
David Pasquale, EVP
The Ruth Group
Tel: 646-536-7006
dpasquale@theruthgroup.com