IPDN Signs Letter of Intent of Acquisition and Plans to Enter Health and Wellness Industry in China
April 16 2019 - 2:00PM
Professional Diversity Network, Inc. (NASDAQ: IPDN, the “Company”),
a global developer and operator of online and in-person networks
that provides access to networking, training, educational and
employment opportunities for diverse individuals, today announced
that its variable interest entity, Jiangxi PDN Culture Media Co.,
Ltd. (“JXPDN”) has signed a letter of intent (LOI) to acquire 51%
of the equity interests of Zhejiang Xili Valley Tourism Development
Co., Ltd. (“Xili Valley Tourism”), an affiliate of the Company’s
China-Germany Nursing Program partner in Guangzhou.
According to the LOI, JXPDN will proceed with
formal due diligence process. IPDN intends to work with Xili Valley
Tourism on its Xili Valley project with approximately 333 acres
land-use planning to develop a local health and wellness community
and enter into the health and wellness industry in China.
“Since our cooperation with Chinese People's
Association for Friendship with Foreign Countries in 2018 to
promote the China-Germany Nursing Program, we have experienced
rapid development in the business,” said Michael Wang, Chairman and
CEO of Professional Diversity Network. “We hope that in the process
of expanding the China-Germany Nursing Program with regional
partners, we will select potential cities and work with regional
partners to enter the health and wellness industry in China by
developing communities with comprehensive services and facilities
including medical care, rehabilitation, senior care, child care and
other commercial properties. In the future, graduates from the
nursing program would be able to work at the health and wellness
communities developed by us.”
About Professional Diversity
Network Professional Diversity Network, Inc.
(NASDAQ: IPDN) 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
International Association of Women (IAW), which is one of the
largest, most recognized networking organizations of professional
women in the country, 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. 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 StatementsThis
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."
IR Contact:Dragon Gate
Investment Partners, LLCTel: +1 (646)-801-2803 Email:
ipdn@dgipl.com
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