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.
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:
Chief Financial Officer
416-756-2324 ext. 275