Hoku's Board of Directors Forms Restructuring Committee
Hoku's CEO to Resign and Assume Chairmanship of Restructuring
Committee; Hoku Exploring Possible Sale of Hoku Solar
HONOLULU, HI -- (Marketwire) -- 06/15/12 -- Hoku Corporation
(NASDAQ: HOKU), a solar energy products and services company, today
announced that its board of directors has formed a five-member
committee to oversee and direct the Company's efforts to restructure
its liabilities. Scott Paul, an executive officer of Hoku Corporation
since 2003, and the Company's chief executive officer since 2010,
will resign as CEO on June 30, and continue as a director and
chairman of the newly formed restructuring committee. "Jeremy"
Xiaoming Yin, the Company's president since early 2011, will begin
reporting directly to the board of directors as the acting chief
"One purpose of the restructuring committee is to ensure independent
oversight of the restructuring process," said Scott Paul. "In order
to dedicate the proper focus and attention to this responsibility, I
have decided to step down as CEO. I have the utmost confidence in
Jeremy's ability to lead Hoku."
Hoku Corporation also announced that it is exploring opportunities to
sell Hoku Solar, the Company's wholly owned subsidiary that markets
and installs turnkey photovoltaic systems and provides related
services in Hawaii.
"While we explore this opportunity, Hoku Solar will continue normal
operations as a provider of investment-grade PV in Hawaii," said
Paul. "Under the continuing leadership of Jerrod Schreck, Hoku Solar
remains focused on developing and delivering value-engineered,
top-performing solar energy facilities for its commercial,
institutional and utility clients. Hoku Solar is actively building
several of the largest utility-scale photovoltaic projects in the
State of Hawaii, and we believe there is substantial value that could
be realized for the benefit of Hoku Corporation's stakeholders."
About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU) is a solar
energy products and services company with two business units: Hoku
Materials and Hoku Solar. For more information, visit
www.hokucorp.com. Hoku, Hoku Solar, and the Hoku Corporation logo are
trademarks of Hoku Corporation, and Hoku Materials is the trademark
of Hoku Materials, Inc., all rights reserved. All other trademarks,
trade names and service marks appearing in this press release are the
property of their respective holders. CopyrightCopyright 2012, Hoku
Corporation, all rights reserved.
This press release contains
forward-looking statements that involve many risks and uncertainties.
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 the Company'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. These risks, uncertainties
and other factors include, but are not limited to, the Company's
ability to restructure its liabilities and the liabilities of Hoku
Materials, the possible sale of Hoku Solar, Hoku Solar's ability to
continue its business operations, and the risks, uncertainties and
other factors disclosed in the Company's most recent Form 10-K and
Form 10-Q filed with the Securities and Exchange Commission. 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 the Company's filings with the Securities and Exchange
Commission, as applicable. Except as required by law, the Company
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.
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