TORONTO, March 30, 2012 /CNW/ - Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF), a leader in secure mobile health, 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, Mr. Wahbe entered into a three year employment agreement, which was renewed for a further one year period in April 2011. Mr. Wahbe's salary is payable until March 31, 2012 through the issuance of Diversinet common shares. Shareholders without a direct interest in the transaction approved the issuance at the June 30, 2011 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 Q1 2012, being $11,250.00 through the issuance of 75,000 Common Shares at a deemed price of $0.15 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 30, 2011 to June 29, 2012), 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 30, 2011 AGM. Diversinet has resolved to satisfy the amounts owing to Directors for Q1 2012, being $14,062.50, through the issuance of 93,750 Common Shares at a deemed price of $0.15 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 patented and proven secure products that enable healthcare organizations to rapidly deploy HIPAA-compliant mobile healthcare (mHealth) applications to power care coordination. Learn more about Diversinet 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.
For further information:
Chief Financial Officer
416-756-2324 ext. 275