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StockMarketNewsAlert.com Issues New Trade Alert for Hoku Scientific, Inc.
BOCA RATON, Fla., Jan. 18, 2007 (PRIME NEWSWIRE) -- StockMarketNewsAlert.com issues New Trade Alert for Hoku Scientific, Inc. (Nasdaq:HOKU). According to M. D'Alonzo at First Equity Group Inc., recent news flow from the company has been very positive: "The company announced the signing of a definitive contract with SANYO Electric Company, Ltd., 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. 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."