Mark Weldon, former CEO of NZX, Joins Diligent's Board of Directors to Help Guide Company during Period of Record Growth

NEW YORK, May 17, 2012 /PRNewswire/ -- The Board of Directors of Diligent Board Member Services, Inc. ("DIL") has elected Mark Weldon, former CEO of the NZX (New Zealand Stock Exchange), as a member of Diligent's Board. Mark served as CEO of the NZX from 2002 to 2012. Prior to that, he was a senior engagement manager at McKinsey & Company, and an attorney with Skadden, Arps, Slade, Meagher & Flom. Both positions were in the US. Mark graduated Columbia University School of Law in 1997 with a law degree and a diploma in International Law, and Auckland University with a Masters in Economics (First Class Honors), a Bachelor of Commerce and a Bachelor of Arts. 

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David Liptak, Diligent's Chairman, said,

"We are extremely pleased that Mark Weldon has agreed to become a member of the Diligent Board of Directors. As CEO of the New Zealand Stock Exchange for a decade, Mark transformed what was a mutual exchange into a successful publicly listed data, technology, shares market and commodities business. Under Mark's stewardship, the NZX's value grew 1800%, so he is experienced at managing high growth businesses. His wealth of skills in strategy development, corporate finance, governance, entrepreneurial and operational matters domestically and internationally will be extremely useful to Diligent as we continue to grow and expand. He is a terrific addition and we look forward to his advice and counsel in the Board room."

Alex Sodi, Diligent's CEO, commented,

"Given Mark Weldon's successful experience as CEO of NZX, I know he will be an excellent resource for me in the management of Diligent Board Member Services in addition to his performance as a Board member."

Mark Weldon commented,

"Diligent is the world's leading provider of highly secure, intuitive, electronic board portals and is rapidly growing an extensive client base around the world. Its business is truly global in scope and this makes it an exciting company to be involved with. I am pleased to be given the opportunity to work with the Diligent team, and make a contribution to its future success."

Mark Weldon has joined Diligent's Board during a period of record growth. For the quarter ended March 31, 2012, Diligent produced record-breaking results across a variety of performance metrics. Growth trajectory is demonstrated by the increase in revenues which, at US$8.20 million for the quarter ended March 31, 2012, are up 176% compared to the same quarter a year ago. Another noteworthy milestone is achieving quarterly gross profit and operating margins of 73.6% and 23.1%, respectively. Also of significance in the first quarter is that cash generated from Diligent's operating activities was US$3.66 million, a 487% increase over the first quarter of 2011. These significant milestones demonstrate the company's continued upward financial momentum. To download the full PDF version of Diligent's 10-Q filing, go to http://www.boardbooks.com/diligentbooks/us-filings.shtml

About Diligent Board Member Services (NZX: DIL)

Over 1,800 boards and 33,000 individual directors, executives and administrators worldwide rely on Diligent Board Member Services, Inc. to speed and simplify how board materials are produced, communicated and viewed. As the world's most widely used board portal, Diligent Boardbooks® has pioneered ease of use, stringent security, and superior training and support since 2001. Today we are a public company with cumulative sales totaling almost $US 32.4 million. Our ranking in the 2011 Deloitte Technology Fast 500 places us among the fastest growing technology companies in America. Diligent has offices located in New York (headquarters), Toronto, London, Sydney, Christchurch, Singapore and Hong Kong.

Diligent Boardbooks® is a registered trademark of Diligent Board Member Services, Inc. with all rights reserved. ©2012 Diligent Board Member Services, Inc.

This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as "expect," "believe," "continue," and "grow," as well as similar comments, are forward-looking in nature. Although the Company believes its growth plans are based upon reasonable assumptions, it can give no assurances that such expectations can be attained. Factors that could cause actual results to differ materially from the Company's expectations include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company's Securities and Exchange Commission filings for further information.

SOURCE Diligent Board Member Services, Inc.