STR Holdings Closes Sale of Controlling Interest to Zhenfa Energy Group and Declares Special Dividend
15 Dicembre 2014 - 10:22PM
-- Zhenfa Energy to Strengthen STR Position in
China -- -- Special Cash Dividend of $0.85 per Share to be paid on
1/2/15 --
STR Holdings, Inc. (NYSE:STRI) ("STR" or the "Company") today
announced that it sold approximately 27.6 million newly issued
shares of common stock, representing a 51% interest in STR, for an
aggregate purchase price of approximately $21.7 million to Zhen Fa
New Energy (U.S.) Co., Ltd. ("Zhenfa"). As part of the transaction,
the STR Board of Directors declared a special cash dividend of
$0.85 per share payable to stockholders of record, excluding
Zhenfa, as of December 26, 2014. The dividend payment date is
January 2, 2015 and the ex-dividend date is January 5, 2015.
"This is a very exciting day for STR and its shareholders. Today
we shift our focus from closing the transaction to opening new
opportunities created by the synergy between STR and Zhenfa. As one
of the top solar engineering, procurement and construction
companies in China, and a leading solar independent power producer
as well, Zhenfa is ideally positioned to directly benefit from the
use of STR's market-leading encapsulant technology and also to
advocate its use to Chinese module manufacturers. Zhenfa's
substantial investment reflects their confidence in STR's ability
to become profitable and grow in the rapidly expanding solar
industry," stated Robert S. Yorgensen, STR's President and Chief
Executive Officer.
In addition to expected improvements to its encapsulant
business, the Company will explore other potential strategic
opportunities together with Zhenfa.
Zha Zhengfa, founder and Chairman of Zhenfa's parent
corporation, stated: "We have a great deal of respect for STR as a
pioneer in solar encapsulants and as a company that continues
to innovate important new technology. We will work together
with them to raise their profile among Chinese module manufacturers
and expect to use solar modules incorporating STR's encapsulants in
our own solar power stations to protect our long-term economic
interests. We see many opportunities for collaboration with
STR and will give them our full support to grow the Company for the
benefit of all shareholders."
About Zhenfa Energy Group Co., LTD.
Jiangsu Zhenfa Holding Group Co., Ltd., the parent of
Zhenfa, was founded in 2004, and Zhenfa Energy Group was founded in
2012. Zhenfa is a technologically advanced enterprise
specializing in photovoltaic power generation system
integration. Zhenfa's mission is to promote an environmentally
friendly alternative to energy generation in the effort to mitigate
climate change across the globe. The company is one of the
first energy-conservation service enterprises verified and filed by
National Development and Reform Commission in China. Zhenfa is
committed to delivering high quality and affordability in solar PV
installations. Further information about Zhenfa and its
affiliated companies can be obtained via its website at
www.zhenfa.com.
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 statements about STR's and Zhenfa's
plans, objectives, expectations and intentions. Such statements
include, without limitation, statements about the anticipated
benefits and opportunities provided by the transaction and our
relationship with Zhenfa, and other statements that are not
historical fact. We cannot assure that we will benefit from our
association and agreements with Zhenfa, or that we will be able to
achieve growth or profitability. Forward-looking statements
may contain such words as "may," "could, "expect," "intend,"
"plan," "seek," "anticipate," "believe," "estimate," "predict,"
"potential," or "continue" or the negative of these terms or other
comparable terminology, and include assumptions that underlie such
statements. These forward-looking statements are subject to known
and unknown risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements, including, but not limited to: the ability to realize
synergies from the proposed transaction; operational challenges in
achieving strategic objectives and executing our plans; the risk
that markets do not evolve as anticipated; the potential impact of
the general economic conditions and other economic, business and/or
competitive factors. The risks included are not exhaustive. Other
factors that could adversely affect the transaction and our
business and prospects is described under "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and in subsequent periodic reports on Form
10-K, 10-Q and 8-K, as well as the proxy statement filed by STR to
solicit the approval of the transaction, which contains and
identifies other important factors that could cause actual results
to differ materially from those contained in any projections or
forward-looking statements.
CONTACT: Company Contact:
STR Holdings, Inc.
Joseph C. Radziewicz
Vice President and Chief Financial Officer
+1 (860) 265-1247
joseph.radziewicz@strholdings.com
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