TSR Inc. Settles Litigation With Former CEO Christopher Hughes
October 05 2021 - 5:00PM
Business Wire
TSR, Inc. (NASDAQ TSRI) announced today that it has settled
litigation brought by its former CEO, Christopher Hughes, through
mediation.
“We believed it was in the best interests of the Company to
resolve the matter so TSR could move forward with its business,”
said Bradley M. Tirpak, Chairman of TSR Inc. “We were hopeful that
mediation would lead to an agreement and are pleased that it has.
The settlement eliminates the risk of costly litigation and allows
us to focus on continuing to grow the Company.”
“We wish Mr. Hughes continued success in his future endeavors
and thank him for his 34 years of dedicated service to the
Company.”
Mr. Hughes commented, “Settling this matter at this time through
mediation enables me to avoid protracted, time consuming and costly
litigation.”
The Company will file a Form 8-K with further details regarding
this settlement at www.sec.gov.
Certain statements contained herein, including statements as to
the Company’s plans, future prospects and future cash flow
requirements 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 statements
concerning the success of the Company’s plan for growth, both
internal and through the previously announced pursuit of suitable
acquisition candidates; the successful integration of announced
acquisitions and any anticipated benefits therefrom; the impact of
adverse economic conditions on client spending which have a
negative impact on the Company’s business, which includes, but is
not limited to, the current adverse economic conditions associated
with the COVID-19 global health pandemic and the associated
financial crisis, stay-at-home and other orders; 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 such
as the use of vendor management companies in connection with the
consultant procurement process; the increase in customers moving IT
operations offshore; the Company’s ability to adapt to changing
market conditions; the risks, uncertainties and expense of the
legal proceedings to which the Company is a party; and other risks
and uncertainties described in the Company’s filings under the
Securities Exchange Act of 1934. The Company is under no obligation
to publicly update or revise forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211005006094/en/
Thomas Salerno, CEO 631-231-0333 tsalerno@tsrconsulting.com
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