STR Holdings, Inc. announced that in connection with the closing of the previously announced transactions with Zhenfa Energy Group Co. Ltd., the company increased the size of its board of directors from five to seven members and appointed four new directors: Andrew Africk, 48, Eugene Cha, 58, Qu Chao, 38, and Xin (Cindy) Lin, 42. Dennis L. Jilot and Robert M. Chiste have resigned from the board effective upon the closing of the Zhenfa transaction.

Messrs. Africk and Cha are each considered independent in accordance with the rules of the New York Stock Exchange, and Mr. Qu and Ms. Lin are affiliated with Zhenfa. Andrew Africk is the founder of Searay Capital LLC.

Mr. Africk established Searay Capital in July 2013 after 21 years leading private equity and capital markets investments for Apollo Global Management. Eugene Cha currently serves as Chairman of CPY Financial Factoring Co. Ltd. and as a non-executive director of Core Pacific Yamaichi Securities (HK) Co.

Ltd. Qu Chao has served as the General Manager of Zhenfa Chongqing Overseas Investment Co., Ltd., Vice General Manager of Zhenfa and Vice President of Zhenfa and its affiliated entities (together, the "Zhenfa Group") since January 2014. Xin (Cindy) Lin is currently President of Zhen Fa New Energy (U.S.) Co. Ltd., having served in this capacity since April 2013.

In addition to the new director appointments, Robert S. Yorgensen, the company's President and Chief Executive Officer, has been appointed as Chairman of the Board and will continue as President and CEO. John J. Janitz and Andrew M. Leitch will continue to serve in their current capacities as independent directors. Mr. Janitz will continue to chair the compensation committee and will also chair the nominating and corporate governance committee, while Mr. Leitch will continue to chair the audit committee and together they will comprise the newly created special committee of continuing directors.