Benzinga | Oct 5, 2021 05:01PM EDT

TSR, Inc. Settles Litigation With Its Former CEO

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.