Professional Diversity Network, Inc. Updates China Growth Initiative and Regains Compliance with Nasdaq
CHICAGO, June 26, 2017 (GLOBE NEWSWIRE) -- 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.
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 firstname.lastname@example.org 516-659-8560 Jim Kirsch – Co Executive Chairman email@example.com 312-614-9021
Released June 26, 2017