Professional Diversity Network, Inc. Announces Agreement to Acquire Interests in RemoteMore USA, Inc., a Provider of Remote-h...
March 26 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, today
announced that it has entered into a stock purchase agreement to
acquire equity interests in RemoteMore USA, Inc. (“RemoteMore”), an
innovative company that provides remote-hiring marketplace services
for developers and companies. The transaction is subject to
satisfaction of closing conditions and is expected to close in the
second quarter of 2021. Upon completion the Company will have
ability to become RemoteMore’s largest shareholder and obtain
significant influence on its operations.
RemoteMore is a technology company that addresses the increasing
demand for qualified candidates by connecting them with businesses
through an extensive, remote services network. The virtual network
will allow businesses to access candidates from a wider scope,
transcending the current geographic limitations. It serves growing
needs for businesses to find quality candidates in long range radar
scope rather than in local sources. Companies will have a much
bigger pool of quality candidates to screen that is beyond their
normal geographic limitation. “This transaction will provide us
with a partner that shares our commitment to customers and can add
strategic and operational value,” said Boris Krastev, RemoteMore’s
founder. “We are confident that PDN’s support will enable
RemoteMore to execute on its strategy and next phase of
growth.”
PDN, being one of the largest diverse networks in the nation,
aims to facilitate the process of matching qualified job seekers
with employers through a system that reduces the costs and
resources needed to operate efficiently. “We believe that working
remotely is the trend for high-tech companies, and the Covid-19
pandemic is a catalytic factor for this approach. While this trend
will inevitably evolve after the pandemic, the marriage between PDN
and RemoteMore will not only effectively address technology
companies’ hiring needs, but also help whole society access a
larger, diversified pool of qualified candidates. Meanwhile, the
platform also gives programmers the ability to overcome the
physical barrier of commuting to find their desired employers. This
deal is in line with PDN’s core business strategy,” said Adam He,
Chief Executive Officer of PDN.
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:
https://www.ipdnusa.com
About RemoteMore
RemoteMore is a remote job-hiring start-up that connects
companies with reliable, cost-efficient developers with less effort
and friction, and empowers every developer to get a meaningful job
regardless of their location.
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: 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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