Professional Diversity Network, Inc. Announces Major Shift in Business Strategy for the International Association of Women Bu...
February 22 2021 - 8:20AM
Professional Diversity Network, Inc. (NASDAQ: IPDN), (“PDN” or the
“Company”), a developer and operator of online and in-person
networks that provide access to networking, training, educational
and employment opportunities for diverse individuals, announces a
strategic shift in the underlying business model for the
International Association of Women (“IAW”), a business unit of the
Company.
“We are implementing a strategy that will lead to better product
offerings for our members and a better performing business
overall,” said Adam He, CEO of PDN. The Company made the decision
to pivot the IAW business unit in advance of launching a new
website and committing to an online membership acquisition model
utilizing ecommerce-centric technology to replace the previous
telemarketing business model. This strategy is expected to boost
productivity and reduce cost; the shift is essential when aligned
with the Company’s overall long-term strategy around seeking to
maximize profitability as we enter into the era of virtual and
remote working environment. As part of the transition in strategy,
IAW has adjusted its workforce, downsizing by nearly 50%. “We
believe we have a lean, efficient team in place that is positioned
to effectuate the change necessary for IAW to succeed,” said
He.
“The increased transparency in member and lead engagement
provides us with invaluable insights to refine our product
offerings that better cater to our members’ needs,” He further
explained.
About International Association of Women
(IAW)
The International Association of Women (IAW) is a diverse group
of like-minded women all working towards a common goal of
success. In January, 2020 IAW launched the
Leadership Lab, a virtual platform that provides members access to
webinars and workshops designed to equip women with essential
skills, knowledge, and tools to accelerate their careers,
businesses, and personal lives. Additionally, in response to social
distancing guidelines that disrupted in-person event experiences,
two new virtual networking platforms were launched in April, 2020.
These platforms provide unique networking experiences in a virtual
format at the regional and national level.
For more information about IAW, please visit:
www.iawomen.com
Professional Diversity Network, Inc.
Professional Diversity Network, Inc. (PDN) is a developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse professionals. 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 recruit diverse employees. 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.
For more information about PDN, please visit:
www.prodivnet.com
Forward-Looking Statements
This press release contains information about PDN's view of its
future expectations, plans, and prospects that constitute
forward-looking statements. These forward-looking statements are
made under the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts in this announcement are
forward-looking statements, including, but not limited to: the
ability to successfully implement the change in strategy at IAW and
the effect of that change in strategy on the performance of IAW;
any projections of earnings, revenue, or other financial items; any
statements regarding the adequacy, availability, and sources of
capital, any statements of the plans, strategies, and objectives of
management for future operations; any statements concerning
proposed new products, services, or developments; any statements
regarding future economic conditions or performance; any statements
of belief; and any statements of assumptions underlying any of the
foregoing. In addition, there is uncertainty about the continuous
spread of the COVID-19 virus and the impact it may have on the
Company’s operations, the demand for the Company’s products, and
global economic activity in general. PDN may also make written or
oral forward-looking statements in its periodic reports to the SEC,
in its annual report to shareholders, in press releases and other
written materials, and in oral statements made by its officers,
directors, or employees to third parties. Statements that are not
historical facts, including statements about PDN’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, whether known
or unknown, and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “will make,” “will be,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“endeavor to,” “is/are likely to,” or other similar expressions.
Further information regarding these and other risks is included in
our annual report and other filings with the U.S. Securities and
Exchange Commission (the “SEC”). All information provided in this
press release is as of the date of this press release, and PDN
undertakes no obligation to update any forward-looking statements,
except as may be required under applicable law.
Press Contact for IPDN:
For further information, please contact:Professional Diversity
Network, Inc.Tel: (312)
614-0950Email: investors@ipdnusa.com
Source: Professional Diversity Network, Inc.
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