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TSR, Inc. Announces Approval of 1-for-2 Reverse Stock Split

^{Published on 2010-11-10 14:10:52 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced that its board of directors and stockholders has approved a 1-for-2 reverse split of the Companya™s common stock.

Pursuant to the reverse stock split, each two shares of common stock held by a holder will be converted into one share. Upon completion of the reverse stock split, the Companya™s authorized capital of common stock will be decreased from 25,000,000 shares, par value $0.01 per share, to 12,500,000 shares, par value $0.01 per share, and the issued and outstanding common stock will be reduced from 4,038,188to 2,019,094 shares. The reverse stock split is expected to be effective on November 29, 2010.

Certain statements contained herein, including statements as to the Companya™s plans, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties, including but not limited to the following: the impact of current adverse conditions in the credit markets and current adverse economic conditions on the Companya™s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Companya™s contract computer programming services will continue to adversely affect the Companya™s business; the concentration of the Companya™s business with certain customers; uncertainty as to the Companya™s ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry and the Companya™s ability to adapt to changing market conditions and other risks and uncertainties described in the Companya™s filings under the Securities Exchange Act of 1934.