Professional Diversity Network Announces Acquisition of Personnel Strategies Inc.
CHICAGO, Sept. 23, 2013 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (Nasdaq:IPDN), a developer and operator of online networks that provide access to employment opportunities for diverse professionals in the United States, today announced it has acquired the assets of Personnel Strategies Inc. (PSI), a producer of diversity focused career fairs.
PSI produces approximately 25 to 30 career fairs annually in major market locations across the nation reaching approximately 500 employers and 20,000 diverse job seekers.
Personnel Strategies Inc. was founded in 1993 by Michael J. Hall, its Chief Operating Officer. Mr. Hall will continue to lead PSI, which will operate as a business unit of Professional Diversity Network.
PSI programs help employers address compliance and diversity initiatives while providing professionals with face-to-face time with corporate recruiters. PSI is the job fair producer partnered with many leading organizations, including the NAACP, National Urban League, National Council of La Raza and historically black fraternities and sororities.
"Our shared business goals and relationships make the acquisition of PSI a logical fit for our company," stated Mike Hernandez, Chief Marketing Officer at Professional Diversity Network. "We look forward to the addition of PSI and its resources as the career event arm of Professional Diversity Network."
"The people and business processes in place at Professional Diversity Network made this decision an easy one," stated Mr. Hall. "Having a long term partner that drives attendance and networking at our events will help take these conferences to the next level."
About Professional Diversity Network, Inc.
The Professional Diversity Network platform provides employers that value diversity with access to diverse talent to meet their hiring needs. Professional Diversity Network owns and operates professional networking communities including: www.iHispano.com for Hispanic professionals, www.AMightyRiver.com for African-American professionals, www.WomensCareerChannel.com for professional women, www.Military2Career.com for Veterans, http://www.ProAble.net for professionals with disabilities, www.OutProNet.com for professionals in the LGBT community, and www.AsianCareerNetwork.com for Asian-American professionals.
For more information, visit: www.professionaldiversitynetwork.com
Safe Harbor under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 concerning Professional Diversity Network, its affiliations and alliances, and its business strategies. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to Professional Diversity Network, based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements can generally be identified by words such as "may" "anticipate," "believe," "plan," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "possible," "potential," "predict," "project" or other similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Professional Diversity Network's control. Therefore, investors and shareholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include Professional Diversity Network's ability to maintain its business relationships with its key customers; unanticipated changes and competition in the online recruitment market; unanticipated downturns in the economy; Professional Diversity Network's ability to generate recruitment revenue through direct sales, unexpected technical or marketing difficulties; unexpected claims, charges or litigation; and new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties that affect Professional Diversity Network's business described in its Annual Report on Form 10-K. The forward-looking statements in this press release speak only as of the date they were made. Professional Diversity Network does not assume any obligation to update these forward-looking statements.
CONTACT: Professional Diversity Network, Inc. David Mecklenburger, CFO 312-614-0944 email@example.com Media Relations Rachelle Pachtman Pachtman Communications 212-996-1715/646-287-2952 firstname.lastname@example.org Capital Markets Advisor Merriman Capital, Inc. Douglas Rogers, Managing Director Head of Capital Markets Advisory Group 415-248-5612/323-712-3000Source: Professional Diversity Network, Inc.
Released September 23, 2013