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 Company’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 Company’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 4,038,188 to 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 Company’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 Company’s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company’s contract computer programming services will continue to adversely affect the Company’s business; the concentration of the Company’s business with certain customers; uncertainty as to the Company’s ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry and the Company’s ability to adapt to changing market conditions and other risks and uncertainties described in the Company’s filings under the Securities Exchange Act of 1934.