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TSI CORPORATION REPORTS MANAGEMENT CHANGES; FORECASTS ANTICIPATED THIRD QUARTER LOSS

 WORCESTER, Mass., April 15 /PRNewswire/ -- TSI Corporation (NASDAQ: TSIN) today announced that its board of directors has accepted, with regret, the resignation of James P. Sherblom as chairman, president and chief executive officer, effective immediately. Sherblom will remain as a director of the company and vice chairman of its board of directors.
 An interim management structure was also announced. Robert W. Baldridge has been elected chairman of TSI's board of directors and chairman of the executive committee of the board, which will oversee the company's operations pending the appointment of a new chief executive officer. Baldridge is affiliated with the investment banking firm of Downer & Company and has been a member of the TSI board of directors since November 1990. Baldridge previously held investment banking positions with Paine Webber, Inc.
 Baldridge stated: "We are very grateful to Jim Sherblom for building TSI from a small research start-up into a major worldwide entity in the field of pharmaceutical preclinical and clinical testing. We appreciate his willingness to continue contributing toward defining TSI's long-term strategic direction."
 TSI also announced, as part of its previously announced restructuring plan, that the company expects to report a net loss of approximately $26 million in the quarter ended March 28, 1993, a loss of $1.24 per share. The loss includes approximately $21 million of costs associated with the restructuring of the company including the sale or closure of certain divisions. The company has taken these actions to reduce overhead and to focus on its core business of providing pre-clinical and clinical testing services and other high value added services to manufacturers of therapeutic products.
 The company stated that Steven Niemi, D.V.M., president of TSI Mason, Paul Morrison, chairman of TSI Europe, and Daniel Petree, vice president of business development, have each been elected as a vice president of the company. Niemi and Morrison will continue to be responsible for TSI Testing Services in the United States and Europe, respectively. TSI has also reduced its central management staff, with the recent departures of Cary S. Garner, senior vice president of TSI's Life Sciences Group; Lisa Pisano, senior vice president of TSI Biologics; and Anderson Kurtz, vice president of Human Resources.
 TSI is a life sciences company offering in vitro and in vivo preclinical and toxicology testing services, human clinical testing services and diagnostic intermediate products. TSI is developing advanced toxicology tests and disease models based on genetic engineering and transgenic techniques to improve the efficiency of the pharmaceutical/clinical development process.
 -0- 4/15/93
 /CONTACT: Patricia F. Dimond, Ph.D., TSI Corporation, 508-755-0550 or Marcia A. Kean of Feinstein Partners Inc., 617-577-8110/
 (TSIN)


CO: TSI Corporation ST: Massachusetts IN: MTC SU: PER

TM -- NE003 -- 6029 04/15/93 08:47 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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