CHICAGO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. ("PDN" or "the Company") (NASDAQ:IPDN), a developer and operator of online networks that provide networking and access to employment opportunities for women and other diverse professionals in the United States, announced today that it has successfully closed its transaction with Cosmic Forward Limited ("CFL") and announced the results of its self-tender offer. Cosmic Forward Limited Transaction Closes On November 7, 2016, the Company issued 1,777,417 shares of common stock to CFL for $9.60 per share pursuant to its previously announced stock purchase agreement with CFL. Upon completion of the share issuance, the self-tender offer (discussed below) and the other transactions contemplated by the stock purchase agreement, CFL beneficially owns 51% of PDN's outstanding shares of common stock, on a fully-diluted basis. The transaction yielded gross proceeds of $17.1 million before expenses and repayment of outstanding debt. James Kirsch, the Company's Executive Chairman, explained that "this transaction presented a unique, multi-faceted opportunity. Not only have we gained valuable new partners who we believe will help us expand our businesses internationally, but we are able to re-capitalize the Company at a time when we believe we can quickly capitalize on the opportunities in our markets. This is a win-win for the Company, its stockholders and our new partners at CFL." The Company's Chief Executive Officer, Katherine Butkevich, lauded the transaction. "With our new partners and the capital they provide we believe we are well positioned to take advantage of the opportunities in our markets and continue the expansion and value-creation efforts within our women's professional networking and diversity job board businesses." Ms. Butkevich continued, "We believe the capital that this transaction provides, combined with the talents and tireless dedication of our management team, creates a remarkable opportunity to drive shareholder value through the creation of the premier professional women's networking and career advancement organization".