Professional Diversity Network, Inc. Announces Acquisition of Expo Experts, LLC
12 January 2023 - 1:00AM
Professional Diversity Network, Inc. (NASDAQ:IPDN) (“PDN” or
“Company”), a developer and operator of online and in-person
diversity talent networks that provides access to networking,
training, educational and employment opportunities for diverse
individuals, announced that the Company’s wholly-owned subsidiary,
Expo Experts Events, LLC, pursuant to an asset purchase agreement
with Expo Experts, LLC (“Expo Experts”) dated as of January 9,
2023, an Ohio limited liability company, has purchased the assets
and operations of Expo Experts for a total consideration of
$600,000 to be funded by the payment of $400,000 in cash and the
issuance of restricted shares of PDN common stock valued at
$200,000 based on the volume weighted average price as of twenty
(20) days prior to the closing date.
“Expo Experts is one of the leading career fair companies in
North America and hosts job fairs specializing in STEM based
employers for over 20 years, a niche we previously have not been a
significant part of. We believe that this strategic investment will
immediately increase our event revenues significantly and add up
incremental revenues as a result of cross-platform sales, with
minimal additional costs, due to the underlying synergies that both
companies can provide to one another. Expo Experts is the type of
investment opportunity that we have been looking for to grow our
core business and the addition of Expo Experts makes PDN one of the
leaders in providing career fairs specializing in diversity,” said
Adam He, Chief Executive Officer for PDN.
“We are excited to be part of the PDN family. We look forward to
being able to expand our career fair platforms by including the
diverse networks that PDN has to offer. We believe that even
further synergy can be developed between the PDN and Expo Experts
brands to bring in new profit streams to both parties,” said Susan
Turner, Co-Founder of Expo Experts.
About Professional Diversity Network, Inc.
Professional Diversity Network, Inc. (PDN) is a developer and
operator of online and in-person diversity job seeker networks that
provides access to networking, training, educational and employment
opportunities for diverse professionals. Through our online
platforms and partnerships, we provide hiring employers a means to
identify and acquire diverse talent and assist them with DEI
efforts. 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, LGBTQ+ 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, as amended. 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 regarding the future benefits of the investment
described in this release, including the development of new revenue
streams or the availability of distributions on any securities; any
statements relating to the future reinstatement of the license
described in this release by the applicable regulatory authorities;
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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