Veteran Investment Banker and Private Equity Executive Gregory Milavsky
Joins Company's Board of Directors
TORONTO, April 12 /CNW/ - Diversinet Corp. (OTCBB: DVNTF), a leading
provider of wireless data security infrastructure products and services, today
announced that Albert Wahbe, currently chairman of the board, will assume the
role of chief executive officer with responsibility for the company's
direction as it transitions from a product development organization to a sales
and marketing enterprise.
"I am pleased with the opportunity to lead Diversinet at this stage in
the company's evolution," said Albert Wahbe. "Diversinet's Mobisecure Wallet
and Vault solution has broad application for electronic payment platforms,
chip cards, and other payment instruments. By teaming the company's strong
technical offering with a diverse partner base, I am confident that we will be
able to capitalize on consumer product and services opportunities across
financial services, e-commerce, and electronic payment market sectors."
Mr. Wahbe was chosen as CEO for his seasoned leadership in global banking
and extensive experience with electronic payment platforms, wireless
technologies, and smart card technologies. He joined the Diversinet board of
directors in July 2006, when he helped close significant new funding for the
company. He will retain his position as chairman of the board and will succeed
Nagy Moustafa in the role of CEO. Mr. Moustafa will remain active with the
company as an executive consultant for business development.
Before joining Diversinet, Mr. Wahbe served as executive vice president
and group head for Global Transaction Banking at Scotiabank, where he led the
evolution of e-commerce and e-banking to provide global business solutions.
Mr. Wahbe was also CEO of e-Scotia, where he developed Scotiabank's Internet
banking, e-commerce, wireless, telephone banking, and smart card technologies
for consumers. Prior to Scotiabank, Mr. Wahbe held several senior management
positions in marketing and technology operations at IBM Canada. Mr. Wahbe
completed the Harvard Graduate Business School Executive Program in 1998.
Diversinet also announced today that Gregory Milavsky has been appointed
to its board of directors. Mr. Milavsky is a veteran investment banker and
private equity executive with more than two decades of international
experience at leading financial firms such as Rothschild, Wolfensohn, CIBC,
and Scotiabank. He brings a valuable international perspective in corporate
strategy, finance, and equity investment to Diversinet.
"Mr. Milavsky's extensive international experience at premier financial
institutions will be invaluable to Diversinet," said Albert Wahbe. "We believe
that his expertise in financial and corporate strategies can help Diversinet
grow and strengthen shareholder value. We are pleased to have Mr. Milavsky
join our board."
Gregory Milavsky joins the Diversinet board in his role as senior
managing director and founder of Canterbury Park Capital L.P., a private
equity firm based in Toronto, Canada. Prior to this position, he served as
managing director and group head for Scotiabank Private Equity Investments, a
firm specializing in private equity investing and venture capital. Mr.
Milavsky also served for ten years at Rothschild Canada Ltd. and Rothschild
Quantico Capital, where he was instrumental in developing strategies for
mergers, acquisitions, divestitures, and restructurings. Mr. Milavsky also
built strategic relationships with clients in Europe and Asia. He holds an MBA
with distinction from the Harvard Graduate School of Business Administration
and a bachelor of applied science degree in civil engineering from the
University of Toronto.
About Diversinet Corp.
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 OTP (one-time password) solutions
enable cost-effective strong authentication and instant and secure access to
critical personal records, helping businesses reduce identity theft, expand
customer offerings, increase revenues and comply with regulations. Connect
with Diversinet Corp. at www.diversinet.com.
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 is made
pursuant to the "safe harbor" provisions of the US Private Securities
Litigation Reform Act of 1995 and any applicable Canadian securities
legislation and are subject to important risks, uncertainties and assumptions
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 (including its annual report and financial statements) with
the Securities and Exchange Commission and SEDAR.
For further information:
For further information: www.diversinet.com