TSR, Inc. Board of Directors Announces Exploration of Strategic Alternatives
HAUPPAUGE, N.Y., August 28, 2023--(BUSINESS WIRE)--TSR, Inc. (Nasdaq: TSRI) ("TSR" or the "Company"), a provider of information technology consulting and recruiting services, today announced that its Board of Directors has initiated a process to identify and evaluate potential strategic alternatives to maximize shareholder value. The Company expects to consider a range of options, which may include a sale of or acquisitions by the Company or a special dividend, as well as other potential alternatives. The Company has retained Focus Investment Banking, LLC as its financial advisor and Shulman Rogers as its legal advisor to assist the Board in the evaluation process.
Brad Tirpak, Chairman of TSR, said, "Over the last few years, TSR’s management and employees have orchestrated a phenomenal turn-around by providing best in class service to our existing and new customers. While transitioning from an enterprise generating losses to a solidly profitable company, TSRI has also built up a solid cash position and has an unused line of credit. We feel that TSR’s current stock price does not fairly represent the true value of the Company. That’s why we believe the best way to continue to maximize shareholder value is to explore our options, while remaining intensely committed to the satisfaction of our customers and employees."
The Company has not adopted a timeline for the Board’s strategic review process and there can be no assurance if or when the process will result in a transaction, or of the timing or outcome of any transaction that is undertaken. The Company does not intend to make further announcements regarding the review unless and until the Board has approved a specific transaction or otherwise determines that additional disclosure is appropriate or required.
About TSR, Inc.
Founded in 1969, TSR, Inc. is a leading staffing company focused on recruiting Information Technology professionals for short- and long-term assignments, permanent placements, and project work. For over 50 years, TSR has successfully served clients in banking, asset management, pharmaceuticals, insurance, health care, public utility, publishing, and other industries. We provide candidate screening, timely placement and a real understanding of the right skill sets required by our clients. To learn more, please visit our website at www.tsrconsulting.com.
Forward-Looking Statements
This press release contains information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. In some cases, you can identify these statements by forward-looking words such as "intend," "may," "potential," or the negative of these terms and other similar terminology. Forward-looking statements in this press release include (but are not limited to) statements about the Board of Directors’ evaluation of potential strategic alternatives and their anticipated impact on shareholder value. The outcome and timing of actual developments could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to changes in macroeconomic and market conditions, any impact of this evaluation process on the Company's negotiations with potential customers, volatility and dislocations in the capital markets and other factors discussed in the Company's filings with the Securities and Exchange Commission (SEC), including in Part I, Item 1A of its Annual Report on Form 10-K for the year ended May 31, 2023, which was filed with the SEC on August 11, 2023, and its subsequent reports filed with the SEC. Readers are cautioned to not place undue reliance on forward-looking statements contained in this press release. Such statements are based only on currently available information and speak only as of the date of this press release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except to the extent required by applicable law.
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Contacts
Thomas Salerno
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