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, announced the
acquisition of additional 20% of equity interest in RemoteMore
USA, Inc. (“RemoteMore”) on March 23, 2023, an online platform
specializing in remote-hiring of software
developers, increasing PDN’s ownership position in RemoteMore
to approximately 66% after the transaction.
Recognizing the unstoppable trend of remote working and the
surged demand of a curated workforce pool, PDN purchased
approximately 46% of equity interest in RemoteMore back in
September 2021. Since that acquisition, RemoteMore has continuously
grown its revenue and operations. During the first three
quarters of 2022, RemoteMore booked approximately
$1,882,000 of gross revenue, six times more than the same
period in 2021, increased registered company users from 650 to
1,500, and pre-screened developers from 6,300 to 24,000+ coming
from all around the world.
“We are exhilarated to see the success of RemoteMore since the
initial acquisition, which echoed our interpretation of the market
needs in the recruitment industry; by adding RemoteMore to
our platform allows us to respond to the market timely and on
a wider magnitude,” said Adam He, CEO of PDN, “the further
investment in RemoteMore demonstrates our confidence in its steady
growth and our determination to position PDN as the leader in
diverse, specialized hiring.” Now with PDN's approximate 66%
ownership of RemoteMore, He expects further integration between
RemoteMore and PDN’s core business.
Since 2021, RemoteMore has added several new features to
its platform, such as a job dashboard that permits hiring employers
to select on-demand developers according to their very specific
requirements, and once signed on, an employer will connect
with five qualified candidates hand-picked by the service
team. Employers can now schedule interviews with candidates on the
platform, and have the option to add Payroll as an a la carte
service that allows contracting without establishing a local
entity, making it a true one-stop shop for remote-hiring. “The
financial injection from PDN enables us to optimize the platform
and expand operations swiftly, and with PDN’s support on
strategy and administration, it alleviates risks and challenges
many start-ups like us face, allowing us to laser focus on growing
the business,” said Boris Krastev, founder and CEO of
RemoteMore.
About 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 about the company, please
visit:www.prodivnet.com
About RemoteMore USA,
Inc.RemoteMore USA, Inc. is a remote-hiring marketplace
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. For more about the
company, please visit:www.remotemore.com
Forward-Looking StatementsThis
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
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