TORONTO, Dec. 31 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB:
DVNTF), a leading innovator of secure mobile healthcare applications,
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 Q4 2010, being $24,750.00 through the issuance of 75,000
Common Shares at a deemed price of $0.33 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 Q4 2010, being
$33,000.00, through the issuance of 100,000 Common Shares at a deemed
price of $0.33 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 proven, reliable technology for mobile
applications that securely connect people with their healthcare
information, payers and providers - anyway, anytime and anywhere.
Diversinet's MobiSecure® platform helps payers and providers meet rapidly growing needs for safe,
convenient, on-the-go storage and sharing of personal health data.
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:
Chief Financial Officer
416-756-2324 ext. 275