TORONTO, Jan. 5 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF), a leading provider of secure application platforms for the mobile world, today 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. Mr. Wahbe's salary is payable through the issuance of Diversinet common shares. Disinterested shareholders approved the issuance at the June 25, 2009 AGM. The Compensation Committee of the Board of Directors of Diversinet has resolved to satisfy the amounts owing to Mr. Wahbe for Q4 2009, being $48,000 in salary through the issuance of 75,000 Common Shares at a deemed price of $0.64 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 25, 2009 to June 24, 2010), with up to $12,500 payable quarterly in arrears through the issuance of up to 18,750 shares. Disinterested shareholders approved the issuance at the June 25, 2009 AGM. Diversinet has resolved to satisfy the amounts owing to Directors for Q4 2009, being $48,000, through the issuance of 75,000 Common Shares at a deemed price of $0.64 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) is a leading provider of secure application platforms for the mobile world utilizing wireless authentication and access solutions that secure the personal identity, transactions and data of consumers over almost any mobile phone or handheld device. Diversinet's reliable, end-to-end MobiSecure Wallet and Vault products provide global, secure and cost effective applications to mobilize personal health records, financial services transactions and identity protection management. Connect with Diversinet Corp. at www.diversinet.com.
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: For further information: Diversinet Contact: David Hackett, Chief Financial Officer, (416) 756-2324 ext. 275