Diversinet Announces Shares for Debt Transaction

TORONTO, Feb. 4 /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 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 his 2009 bonus, being $58,500, through the issuance of 200,000 Common Shares at a deemed price of $0.2925 per share.

During the past two months, Diversinet employees have exercised in excess of 850,000 options into common shares. Included in the exercises, Albert Wahbe exercised 100,000 options at an average price of US$0.52 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) 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: David Hackett, Chief Financial Officer, (416) 756-2324 ext. 275

Organization Profile

Diversinet Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890