Professional Diversity Network Releases Letter from CEO to Shareholders
March 27 2017 - 8:00AM
Professional Diversity Network, Inc. (“PDN” or “the Company”)
(NASDAQ:IPDN) today released a letter from its CEO to its
shareholders.
Dear PDN Shareholders,
Last year I led a group of investors who purchased a controlling
interest in Professional Diversity Network, Inc. In December of
2016 the Company’s Board of Directors appointed me CEO and directed
me to profitably grow our revenues. I recently presented at
the Roth Conference in California to share my vision for the
Company. My goal now is to inform you about myself and share my
future plans for the Company.
For those of you who have not met me, I would like to share the
following important items:
- The company participated in the Roth Conference in order to
introduce me to investors and introduce my plan for the Company’s
future. We are not seeking additional capital, and
fund-raising was not part of our agenda at the Roth
Conference.
- When our group invested in PDN, we did so after an extensive
search for companies that could help us establish commercial
operations in China to deliver education, training and networking
services to affluent Chinese people.
- One of the reasons we selected PDN was because of its employees
and management team. We have intentionally kept the senior managers
in place since we invested in the Company. While PDN’s former
CFO left at the end of 2016, he did so in order to pursue an
opportunity to become COO of another company, and he remains PDN’s
good friend. Ultimately, we conducted an extensive
search and interview process and replaced him. All other
senior management remains in place. We transitioned the
Company’s former CEO to become the CEO of the NAPW division, as
that was her former position and it was always my intent to become
the PDN CEO following our investment.
- I am prepared, qualified and well suited to lead the Company.
My professional experienced includes being a respected and
qualified attorney who is licensed in good standing. Upon my
appointment as PDN CEO, I resigned from my previous position where
I was a senior executive of GNET, a Chinese company in good
standing that specializes in on- and offline commercial
activity.
- Our investment process included our voluntary submission to the
Committee on Foreign Investment in the United States (CFIUS). We
were successfully cleared by CFIUS to invest in PDN and our funding
was subject to regulatory clearance under the Patriot Act.
Let me be very clear – my goal is to create shareholder value in
an honest, transparent and compliant manner. We believe PDN is
well-positioned as our platform to conduct business operations in
both China and the United States. We began commercial
operations in China on March 25th, with an education and training
event that drew over 2,000 paying participants. In the near
future we will communicate further regarding our initial event in
China and our 2017 plans for ongoing expansion into China.
We understand that we have a lot of hard work ahead and that we
need to drive success as hard as possible. I am fully committed to
creating success for the Company, its employees and, most
importantly, our shareholders.
Sincerely,
Michael Wang, CEO Professional Diversity Network
About Professional Diversity Network
(www.prodivnet.com)
Professional Diversity Network, Inc. (PDN) is an Internet
software and services company that develops and operates online
professional networking communities dedicated to serving diverse
professionals in the United States and employers seeking to hire
diverse talent. Our subsidiary, National Association of
Professional Women (NAPW), is a networking organization of
professional women spanning more than 200 industries and
professions. Through an online platform and our relationship
recruitment affinity groups, we provide our employer clients a
means to identify and acquire diverse talent and assist them with
their efforts to comply with the Equal Employment Opportunity
Office of Federal Contract Compliance Program.
Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking statements,
including statements related to our business and strategies.
Any such statements may be influenced by a variety of factors, some
of which are beyond PDN’s control, that could cause actual outcomes
and results to be materially different from those projected,
described, stated or implied in such forward-looking statements due
to a number of risks and uncertainties. Factors that could
contribute to such differences include, but are not limited to,
potential insufficiency of the proceeds from the share issuances to
implement our productivity improvement initiatives, our potential
failure to realize synergies and other benefits from the
transaction with Cosmic Forward Limited and the risk factors
disclosed in our Annual Report on Form 10-K filed on March 30,
2016, as amended and any subsequent filings made by us with the
SEC. We assume no obligation to update the information
included in this press release, whether as a result of new
information, future events or otherwise. The Form 10-K filed on
March 30, 2016, as amended, together with this press release, are
available on our website, www.prodivnet.com. Please click on
“Investor Relations.”
CONTACT:
Chris Wesser, EVP & Secretary
(516) 659-8560
cwesser@prodivnet.com
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