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Hoku And SANYO Enter Major Polysilicon Supply Pact>HOKU


DOW JONES NEWSWIRES

Hoku Materials, a division of Hoku Scientific Inc. (HOKU) established to manufacture polysilicon for the solar market, signed a definitive contract with Sanyo Electric Co., for the sale and delivery of polysilicon to Sanyo over a seven-year period beginning in January 2009.

Under the contract, up to approximately $370 million may be payable to Hoku during the seven-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions.

Hoku said the contract provides for the delivery of predetermined volumes of polysilicon each year at set prices from January 2009 through December 2015.

The contract also provides for an initial direct deposit of $2 million to Hoku upon signing and requires that Sanyo place approximately 30% of the total purchase amount in an escrow account with Bank of Hawaii.

Under the agreement, the escrowed funds are to be released to Hoku in installments, subject to Hoku's successful achievement of certain polysilicon quality and production volume milestones and other conditions.

For the fiscal year ended March 31, 2006, Hoku Scientific posted revenue of $5.5 million.
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