TSR, Inc. Board of Directors Announces Exploration of Strategic Alternatives
29 August 2023 - 7:00AM
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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Thomas Salerno 631-231-0333
TSR (NASDAQ:TSRI)
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