TSR Inc, which provides information technology consulting and recruiting services, said on Monday that its Board of Directors had embarked on a process to identify and evaluate potential strategic alternatives aimed to maximize shareholder value.
The company will consider a variety of options, including divestitures, acquisitions or a special dividend, it said.
Focus Investment Banking LLC acts as TSR’s financial advisor and Shulman Rogers acts as its legal advisor in the evaluation process.
Still, no timeline for the board’s strategic review process has been adopted and there can be no assurance whether or when that process will result in a transaction, TSR Inc 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,” Brad Tirpak, Chairman of TSR Inc, said in a press release.
“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,” Tirpak added.
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