July 10 (Reuters) - Hoku Scientific Inc:
* Confirmed that it has retained Deutsche Bank Securities as its financial
advisor to seek possible sale of Hoku Materials
* Hoku and Suntech amend supply agreement to adjust milestone & shipping
schedules
* Says agreement would result in a change of control of Hoku,
and the closing of any such transaction by March 31, 2010
* Says has agreed in the amendment to reduce Suntech's aggregate
prepayment obligation
* Says deadlines to achieve milestones may be moved to
December 31, 2009, March 31, 2010, and December 31, 2010
* Says need to raise additional capital has increased the risk that we might
miss these deadlines
* Says unlikely that it will be able to secure the capital it needs, without
selling a majority of its stock or assets
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Confirmed that it has retained Deutsche Bank Securities as its financial
advisor to seek possible sale of Hoku Materials
* Hoku and Suntech amend supply agreement to adjust milestone & shipping
schedules
* Says agreement would result in a change of control of Hoku,
and the closing of any such transaction by March 31, 2010
* Says has agreed in the amendment to reduce Suntech's aggregate
prepayment obligation
* Says deadlines to achieve milestones may be moved to
December 31, 2009, March 31, 2010, and December 31, 2010
* Says need to raise additional capital has increased the risk that we might
miss these deadlines
* Says unlikely that it will be able to secure the capital it needs, without
selling a majority of its stock or assets
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.