EAST WINDSOR, Conn., March 12, 2014 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (NYSE: STRI) today announced that Susan C. Schnabel, Co-Head of DLJ Merchant Banking Partners (DLJMB), has tendered her resignation from the STR Board of Directors, effective March 10, 2014, following the sale of DLJMB's holdings of STR common stock in the Company's modified "Dutch auction" tender offer, which closed on March 7, 2014.
Ms. Schnabel led DLJMB's acquisition of STR in June 2007 and has served as the Company's Lead Director, Chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee since the Company's initial public offering in 2009.
Robert S. Yorgensen, STR's President and Chief Executive Officer, stated, "STR and its board of directors has benefited greatly from our long and successful relationship with DLJMB. Susan's knowledge of capital markets and perspective on corporate governance has been invaluable over the past seven years."
STR's Chairman of the Board, Dennis L. Jilot added, "On behalf of STR and the STR Board of Directors, I thank Susan for her many important contributions and wish her the very best in her future endeavors."
About STR Holdings, Inc.
STR Holdings, Inc. is a provider of encapsulants to the photovoltaic module industry. Further information about STR Holdings, Inc. can be obtained via the Company's website at www.strsolar.com .
Forward–Looking Statements
This press release and any oral statement made in respect of the information in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to inherent risks and uncertainties, including but not limited to the risks and uncertainties described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports on Forms 10-K, 10-Q and 8-K filed from time to time with the U.S. Securities and Exchange Commission. You are urged to carefully review and consider the disclosure found in our filings which are available on http://www.sec.gov or http://www.strsolar.com . These forward-looking statements present the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business and are based upon assumptions that the Company has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors management believes are appropriate under the circumstances. However, these forward-looking statements are not guarantees of future performance or financial or operating results. The Company undertakes no obligation to publicly update any forward-looking statements contained in this release, whether as a result of new information, future developments or otherwise, except as may be required by law.
STR Holdings, Inc. Joseph C. Radziewicz Vice President and Chief Financial Officer (860) 763-7014, x7437
