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STR Holdings Enters Into a Spanish Accounts Receivable Factoring Agreement

ENFIELD, Conn., Oct. 26, 2015 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (the "Company") (OTCQX:STRI) announced today that the Company's wholly owned Spanish subsidiary, Specialized Technology Resources España S.A., entered into a factoring agreement to sell, with recourse, certain European, U.S., and other foreign company-based receivables to Eurofactor Hispania S.A.U. Under the current terms of the factoring agreement, the maximum amount of outstanding advances at any one time is Euro 1.0 million, which is subject to adjustment based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. The annual discount rate is 2% plus EURIBOR for Euro denominated receivables, and 2% plus LIBOR for all other currencies. The term of the agreement is for one year, which will be automatically extended unless terminated by either party with 90 days prior written notice.

"We are very pleased to secure a factoring facility to accelerate our Spanish operation's cash conversion cycle and improve STR's global liquidity," stated Joseph C. Radziewicz, STR's Vice President and Chief Financial Officer.

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 contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to inherent risks and uncertainties. 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 include, without limitation, statements relating to the expected acceleration of its Spanish operations' cash conversion cycle and improving its global liquidity. The Company cannot assure that it will be able to factor its Spanish accounts receivable on a timely basis or on favorable terms, if at all, that the costs of the factoring facility will not be higher than anticipated, or that the Company will be able to achieve its expected cash flow acceleration. You are urged to carefully review and consider the disclosure found in the Company's filings which are available on http://www.sec.gov or http://www.strsolar.com. Actual results may vary materially from those anticipated in such forward‑looking statements by reason of the factors noted herein or in the Company's filings with the SEC. The Company undertakes no obligation to publicly update any forward‑looking statement contained in this press release whether as a result of new information, future developments or otherwise, except as may be required by law.

CONTACT: Company Contact: STR Holdings, Inc. Joseph C. Radziewicz Vice President and Chief Financial Officer +1 (860) 265-1247 joseph.radziewicz@strholdings.com

Source:STR Holdings