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Hoku Corporation Cures NASDAQ Non-Compliance by Filing Quarterly Report; Concludes No Impairment on Asset Value; Amends Polysilicon Customer Contract(March 05, 2012)
HONOLULU, HI -- (Marketwire) -- 03/05/12 -- Hoku Corporation (NASDAQ: HOKU) (the "Company"), a solar energy products and services company, announced today that it filed its Form 10-Q for the period ended December 31, 2011 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"), thereby regaining compliance with NASDAQ Listing Rule 5250(c)(1). The notification of non-compliance that was received on February 23, 2012, no longer has any effect on the listing or trading of the Company's common stock on the NASDAQ Global Market.
As previously reported by the Company, the filing of the Form 10-Q was delayed because the Company was analyzing whether the recent declines in the market price for polysilicon had impacted the carrying value of its polysilicon plant and whether the carrying value was fairly stated in accordance with generally accepted accounting principles as of December 31, 2011. The Company concluded its analysis and determined that its consolidated financial statements and related disclosures should not reflect any impairment charge to its polysilicon plant.
Hoku also announced today that it has amended its polysilicon supply contract with Suntech Power Holdings Co., Ltd., the world's largest producer of silicon solar modules, to extend the delivery schedule, while modifying volume and price terms. "This amendment demonstrates Suntech's continuing confidence in Hoku's ability to supply high quality polysilicon for Suntech's solar modules," said Scott Paul, Hoku's CEO.
About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with three business units: Hoku Materials, Hoku Solar, and Tianwei Solar USA. Hoku Materials manufactures, markets and sells polysilicon for the solar market from its plant currently under construction in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and provides related services. Tianwei Solar USA markets and sells photovoltaic modules manufactured by Tianwei New Energy. 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.
© Copyright 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 regain compliance with NASDAQ Listing Rule relating to minimum bid price and maintain compliance with other NASDAQ Listing Rules, the Company's ability to supply high quality polysilicon to Suntech Power Holdings Co., Ltd., 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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