Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended March 31, 2023
CHICAGO, May 15, 2023 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of
About this update from Professional Diversity Network, Inc.
[{"type":"text","content":"CHICAGO, May 15, 2023 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the quarter ended March 31, 2023. “The recruiting industry as a whole is still feeling the effects of the lingering financial and economic impact that has affected the current economy since 2022. As such, we have had to make adjustments in our operational strategies within our organization, moving personnel from slower producing revenue streams to other areas of the business that we feel we can increase revenues in the near future with the additional personnel”, said Adam He, CEO of Professional Diversity Network, Inc. “Our RemoteMore segment revenues for the period continue to grow, as compared to the same period in the prior year and are consistent with our expectations. As such, we have increased our investment in RemoteMore to a total of approximately 73 percent. Additionally, the operations of our recent acquisition, Expo Experts, has met our initial expectations and we expect solid results throughout the fiscal year. We are still focused on capitalizing on growth opportunities, increasing our return on organic operations, and maximizing shareholder value throughout 2023.” First Quarter Financial Highlights: ●In January 2023, the Company purchased the assets and operations of Expo Experts for a total consideration of $600,000 funded by the payment of $400,000 in cash and the issuance of restricted shares of PDN common stock valued at $200,000. ●In January 2023, the Company exercised its option to purchase an additional 20 percent interest in RemoteMore at a purchase price of $116,667. In May 2023, the Company acquired an additional 7 percent interest in RemoteMore for approximately $235,000. The acquisition interest and price were based on the original valuation of RemoteMore in September 2021. This acquisition increases the Company’s interest in RemoteMore to 72.62 percent. ●In March 2023, the Company entered into a stock purchase agreement with Ms. Yiran Gu, in connection with the purchase of 333,181 shares of common stock of the Company at a price of approximately $2.10 per share for agg...