TSR Receives Offer to Acquire Outstanding Shares of TSR Common Stock

HAUPPAUGE, N.Y.–(BUSINESS WIRE)–TSR, Inc. (Nasdaq:TSRI) (“TSR” or the “Company”) announced today that
Zeff Capital L.P. (“Zeff Capital”), a Delaware limited partnership that
owns approximately 7.2% of TSR’s common stock, filed an amended Schedule
13D with the Securities and Exchange Commission on May 18, 2017. This
filing reported that on May 17, 2017, Zeff Capital delivered a letter to
the Company indicating, among other things, Zeff Capital’s interest,
expressed on behalf of its affiliated investment funds, in acquiring all
of the outstanding shares of common stock not already owned by Zeff
Capital or its affiliates for $6.15 per share, in cash. In addition,
Zeff Capital’s letter states that the proposed purchase price represents
a premium of approximately 27% over the closing price of TSR common
stock on May 17, 2017. The filing states that the proposal is
conditioned upon, among other things, completion of satisfactory due
diligence, completion of a financing plan, negotiation of mutually
acceptable definitive agreements and the satisfaction (or waiver) of the
then conditions expected to be set forth in such agreements.

The Company has provided a copy of Zeff Capital’s letter to the members
of its Board of Directors for review.

Contacts

TSR, Inc.
John Sharkey, 631-231-0333