Albert E. Wahbe exercises 2,300,000 share purchase warrants at US$0.75
TORONTO, July 2 /CNW/ - Diversinet Corp. (OTCBB: DVNTF), a leading
provider of wireless data security infrastructure products and services, today
announced that Albert E. Wahbe, CEO and Chairman has exercised 2,300,000 share
purchase warrants for gross proceeds of US$1,725,000. The share purchase
warrants had an exercise price of US$0.75 per common share.
Diversinet intends to use the new funds to continue its research and
development programs and expand our sales and service activities. Sales
expansion will include direct sales representatives, resellers and agents in
targeted geographic locations to provide true global sales/service coverage
for our authentication/security products and business application for health
care and financial services.
The targeted global geographic sales locations are:
- Dubai: Coverage for the Middle East.
- Hong Kong: Coverage for Asia.
- London/England: Coverage for Europe.
- USA: Coverage across the USA.
- Toronto/Canada: Head Offices: Coverage for Canada & Caribbean.
- Sao Paulo: Coverage for Brazil.
- Santiago/Chile & Mexico City: Coverage for (Spanish) Latin America.
Albert Wahbe, CEO and Chairman said "We are aggressively expanding our
global sales and service capabilities to significantly increase our revenue
opportunities and continue to enhance our long term shareholder value."
Albert E. Wahbe exercised 2,300,000 share purchase warrants into common
shares. Prior to the completion of this transaction, Mr. Wahbe beneficially
owned 5,225,000 common shares, representing approximately 12% of all issued
and outstanding shares of Diversinet. As a result of exercising 2,300,000
share purchase warrants, Mr. Wahbe, beneficially owns, as of June 30, 2008, a
total of 7,525,000 common shares and options convertible into 1,600,000 common
shares, together representing approximately 19.3% of the issued and
outstanding common shares of Diversinet, presuming the exercise of such
options. After completion of the exercise of share purchase warrants, there
are 45,617,783 shares issued and outstanding and 54,834,500 shares on a fully
Mr. Wahbe currently has no intention of increasing his ownership in the
common shares of Diversinet other than pursuant to his employment agreement
and through the exercise of existing options. Mr. Wahbe has an office at
Diversinet at 2235 Sheppard Avenue East, Suite 1700, Toronto, Ontario M2J 5B5.
Diversinet Corp. (OTCBB: DVNTF) is a leading provider of 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 solutions to mobilize personal
health records, financial services transactions and identity protection
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
For further information:
For further information: Diversinet Corp., David Hackett, Chief
Financial Officer, (416) 756-2324 ext. 275, email@example.com