Professional Diversity Network, Inc. Updates China Growth Initiative and Regains Compliance with Nasdaq
June 26 2017 - 8:00AM
Professional Diversity Network, Inc. (NASDAQ:IPDN) (“PDN” or “the
Company”), a global developer and operator of online and in-person
networks that provide access to networking, training, educational
and employment opportunities for diverse individuals, today
provided an update on its previously announced targeted growth
initiative in China involving the Company’s successful completion
of additional new Shared Economy Events held in Heilongjiang
Province and Shanxi Province.
In March the Company previously announced that it had commenced
its China business operations in the first of three market sectors:
education and training for business people; networking, skills and
lifestyle services for successful women with International
Association of Women (IAW); and secondary school international
education. The Company hosted events in April as follows:
- April 26th event in Chengdu, Sichuan Province China
- April 27th event in Changzhou, Jiangsu Province China
- April 29th event in Hangzhou, Zhejiang Province China
On May 5, 2017, PDN co-hosted the second annual “Macroeconomics,
Global Capital” forum. Held in Harbin, the capital and largest city
of Heilongjiang Province, China, the event drew approximately 800
business people together to network and discuss the future
development of business enterprises. PDN co-hosted the same forum
in Taiyuan, the largest city of Shanxi Province, China on May 27,
2017, where attendance grew to approximately 1,000 attendees. The
Company’s previous April Shared Economy Events resulted in more
than 3,000 paid participants.
Guest speakers included Professor Fengfan Wang, the founder of
Micro-Speech series and the mentor from “Chinese Enterprises Pitch
Deck”; as well as Dr. Yuting Shen from the Chinese Academy of
Science, and an expert on financing for SMEs. Both segments
were met with positive participant feedback.
PDN Executive Co-Chairman of the Board, James Song, and CEO,
Michael Wang, attended the forum. Mr. Wang stated, “Due to the
expansion of the internet, the cost of every commodity has become
more and more transparent, but the same level of transparency is
still lacking in the field of education. This unfilled need is
precisely why we recently founded The Association of Education and
Training Schools International (AETSI) with a goal of providing
more choices and opportunity to its users.”
James Kirsch, PDN’s Executive Co-Chairman, commented, “Since our
first China event in March, held in Dongguan, Guangdong Province,
we have now successfully held six additional events in diverse
locations throughout China. We believe that the strong
participation numbers at each event remain indicative of both a
growing demand for our services, and our unique ability to meet
that demand.”
Mr. Kirsch added, “We are also pleased that we were able to
promptly and successfully regain compliance with Nasdaq as
described in the Company’s recent Current Report on Form 8-K, filed
on June 23, 2017. When notified of the deficiency relating to our
then board composition, we quickly took corrective action. We
believe Nasdaq’s recognition of the applicable cure period and
closing of the matter speaks to our continuing commitment to both
transparency and compliance.” About Professional
Diversity Network (PDN)
Professional Diversity Network, Inc. (PDN) is a
global developer and operator of online and in-person networks that
provides access to networking, training, educational and employment
opportunities for diverse professionals. We operate subsidiaries in
the United States and China including National Association of
Professional Women (NAPW), which is one of the largest, most
recognized networking organizations of professional women in the
country, spanning more than 200 industries and professions, and
Noble Voice, a career placement and career counseling call center.
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. Our mission is to utilize the
collective strength of our affiliate companies, members, partners
and unique proprietary platform to be the standard in
business diversity recruiting, networking and professional
development for women, minorities, veterans, LGBT and disabled
persons globally.
Forward-Looking Statements
This press release contains certain
forward-looking statements based on our current expectations,
forecasts and assumptions that involve risks and uncertainties.
This release does not constitute an offer to sell or a solicitation
of offers to buy any securities of any entity. Forward-looking
statements in this release are based on information available to us
as of the date hereof. Our actual results may differ materially
from those stated or implied in such forward-looking statements,
due to risks and uncertainties associated with our business, which
include the risk factors disclosed in our most recently filed
Annual Report on Form 10-K and in our subsequent filings with the
Securities and Exchange Commission. Forward-looking statements
include statements regarding our expectations, beliefs, intentions
or strategies regarding the future and can be identified by
forward-looking words such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," “plan,” "should," and
"would" or similar words. We assume no obligation to update the
information included in this press release, whether as a result of
new information, future events or otherwise. Our most recently
filed Annual Report on Form 10-K, together with this press release
and the financial information contained herein, are available on
our website, www.prodivnet.com. Please click on "Investor
Relations."
CONTACT: Professional Diversity Network, Inc.
Chris Wesser – EVP and Secretary
cwesser@prodivnet.com
516-659-8560
Jim Kirsch – Co Executive Chairman
jkirsch@prodivnet.com
312-614-9021
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