Diversinet to Execute Shares for Debt Transaction

TORONTO, June 30, 2011 /CNW/ - Diversinet Corp. (TSX Venture: DIV) (OTCBB: DVNTF), a leading innovator of secure mobile healthcare applications, announced it intends to satisfy certain CEO and Board of Directors compensation through the issuance of common shares ("Common Shares") of Diversinet (the "Shares for Debt Transaction").

In April 2008, Diversinet's CEO, Mr. Wahbe entered into a three year employment agreement, which was renewed for a further one year period in April 2011.  Mr. Wahbe's salary is payable through the issuance of Diversinet common shares.  Shareholders without a direct interest in the transaction approved the issuance at the June 30, 2011 annual general meeting (AGM).  The Compensation Committee of the Board of Directors of Diversinet has resolved to satisfy the amounts owing to Mr. Wahbe for Q2 2011, being $21,656.25 through the issuance of 75,000 Common Shares at a deemed price of $0.28875 per share.

Each non-management Director is entitled to receive annual compensation of up to $50,000 payable by issuance of up to 75,000 common shares (for the period of June 30, 2011 to June 29, 2012), with up to $12,500 payable quarterly in arrears through the issuance of up to 18,750 shares.  Shareholders without a direct interest in the transaction approved the issuance at the June 30, 2011 AGM.  Diversinet has resolved to satisfy the amounts owing to Directors for Q2 2011, being $26,832.37, through the issuance of 92,926 Common Shares at a deemed price of $0.28875 per share.

The Shares for Debt Transaction is subject to approval by the TSX Venture Exchange and compliance with applicable securities laws.

About Diversinet
Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF) provides a patented and proven secure application platform that enables healthcare organizations to rapidly deploy HIPAA-compliant mobile healthcare (mHealth) applications to anyone, anytime, anywhere. Diversinet's MobiSecure® platform helps payers and providers meet growing needs for safe, convenient, on-the-go storage and sharing of personal health data. Connect with Diversinet Corp. at www.diversinet.com. Its tagline is "Healthcare. Connected and Protected."

The Private Securities Litigation Reform Act of 1995 and Canadian securities laws provide a "safe harbour" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future revenues of the company and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission available at www.sec.gov and Canadian securities regulatory authorities available at www.sedar.com.

SOURCE Diversinet Corp.

For further information:

David Hackett
Chief Financial Officer
416-756-2324 ext. 275

Profil de l'entreprise

Diversinet Corp.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.