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

^{Published on 2010-11-29 14:10:57 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced that its 1-for-2 reverse split of the Companya™s common stock, which was previously approved by its board of directors and stockholders, became effective at 5 pm today.

Pursuant to the reverse stock split, each two shares of common stock held by a holder are converted into one share. The Companya™s authorized capital of common stock is 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 is reduced from 4,038,188to 2,019,094 shares.

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.