Solargiga was clarifies to have imparts paid Hoku $43million of its total $68 million prepayment commitment by the end ofcalendar year 2008, but Hoku confirmed Solargiga had not yet fulfilledthis obligation.”We are keenly aware of the challenges created by the currentinternational financial market conditions and know that companiesthroughout the solar value chain have been deeply affected,” said Mr.Shindo. “To address this additional risk, we are working closely with ourcustomers to strengthen our existing partnerships. We also continue tocarefully and conservatively manage our cash Brooks & Dunn tickets . Together, these strategiesare allowing us to continue building our polysilicon plant on a schedulethat is expected to meet our customer shipment requirements, despitesignificant macroeconomic turbulence.”"As evidenced by our amended contract with Jinko Solar, we remain fullycommitted to our current partners,” Mr Shindo said.
“We are willing tocontinue working with Solargiga to find a way to move the engagementforward, but our first priority is to ensure that we are able to fulfillour product delivery obligations to all of our other customers . As aresult, we are considering all options afforded us through our take-or-paycontract with Solargiga, including unilateral resale of their allocatedcapacity, among other potential remedies.”Including the revised prepayment schedule in the Jinko Solar contractamendment, a total default by Solargiga would cause a net reduction of $90million in Hoku’s current customer prepayment commitments as compared toSeptember 30, 2008 . This would reduce Hoku’s aggregate customer prepaymentcommitments from a total of $306 million to $216 million, which wouldreduce the cash available for construction of Hoku’s polysilicon plant.Commenting on this possibility, Mr Brooks & Dunn tickets – brooks-dunn . Shindo said, “Notwithstanding theJinko amendment and Solargiga’s continuing failure to make theirprepayments, we believe that we remain on track to meet our deliveryobligations to our current customers . We expect to resell any recapturedpolysilicon capacity, and we are currently engaged in active discussionswith prospective customers.
We recognize that receipt of the prepaymentsassociated with any new polysilicon contracts could be several monthslater than previously expected,” Mr Shindo continued . “As a result, ifneeded, we could reduce and/or delay our planned capital expenditures.”Hoku stated that it believes it could defer approximately $40 million incapital expenditures by delaying construction of its on-sitetricholorosilane (TCS) production facility . The company stated it is innegotiations with third party TCS producers for a TCS supply contract toenable Hoku to execute on this strategy, if necessary . Hoku acknowledgedthat the procurement of third-party TCS would result in an increase in itsnear term cost of goods sold (COGS) . In such a case, Hoku could considerbuilding TCS capacity at a later point in time Brooks & Dunn tickets .Hoku noted that, depending on factors such as contract resolution withSolargiga and the timing of resale of Jinko Solar’s recaptured capacity,the size of additional prepayments by new polysilicon customers, and anydecisions to purchase TCS, the amount of additional funding forconstruction of its polysilicon plant could range from $3 million up to$83 million. Hoku intends to use a combination of debt and/or equity tomeet any additional funding needs, as shown below in Table 1 – HokuSources andUses.As of As of ExpectedSeptember 30, today caseContingency2008 (Plant(Reflects(Reflects plan (Sameeffectively Jinko resale of as Expectedsold out at revision; capacitycase but4,000 metricSolargiga & other includes CAPEXton level)uncertainty)assumptions)reduction)————- ————- ————- ————-Sources (USD millions)Customer deposits received $48 $ 106 $ 106 $ 106————- ————- ————- ————-Customer deposits expected $ 258 $ 110 $ 200-$ 160 $ 200-$ 160————- ————- ————- ————-Hoku equity $41 $41 $41 $41————- ————- ————- ————-Hoku additional financing (debt/ equity)$43 $ 133 $ 43 – $ 83 $3 – $ 43————- ————- ————- ————-Total Sources $ 390 $ 390 $ 390 $~350————- ————- ————- ————-Uses (USD millions)————- ————- ————- ————-Plant Construction Costs(estimated) $ 390 $ 390 $ 390 $~350————- ————- ————- ————-Table 1 – Hoku Sources & UsesMr.
Shindo concluded, “Considering our ability to manage our capitalexpenditures, we are in a good position to be selective and flexible aboutthe timing and method of completing our plant financing . In the meantime,we are navigating the current financial challenges with careful planningand conservative cash management . We remain confident in our ability toproduce polysilicon in the first half of calendar year 2009, and todeliver polysilicon to our current customers according to the terms of ouragreements with them.”About Hoku Scientific, Inc.Hoku Scientific (NASDAQ: HOKU) is a diversified clean energy technologiescompany with three business units: Hoku Materials, Hoku Solar and HokuFuel Cells . Hoku Materials plans to manufacture, market, and sellpolysilicon for the solar market from its plant currently underconstruction in Pocatello, Idaho . Hoku Solar markets, sells, and installsturnkey photovoltaic systems in Hawaii. Hoku Fuel Cells has developedproprietary fuel cell membranes and membrane electrode assemblies forstationary and automotive proton exchange membrane fuel cells Brooks & Dunn tickets – brooks-dunn .
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