TORONTO, June 30 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF), a leading innovator of secure mobile healthcare applications, 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. Shareholders without a direct interest in the transaction approved the issuance at the June 24, 2010 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 2010, being $27,000 in salary through the issuance of 75,000 Common Shares at a deemed price of $0.36 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, 2010 to June 24, 2011), 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 24, 2010 AGM. Diversinet has resolved to satisfy the amounts owing to Directors for Q2 2010, being $27,000, through the issuance of 75,000 Common Shares at a deemed price of $0.36 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 the healthcare industry with applications that securely connect people with their healthcare information, providers and payers - anyway, anytime and anywhere. Diversinet's reliable, end-to-end MobiSecure platform offers global, secure and cost-effective applications to meet rapidly growing needs for mobile personal health records. Connect with Diversinet Corp. at www.diversinet.com. 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: For further information: Diversinet Contact: David Hackett, Chief Financial Officer, 416-756-2324 ext. 275