Diversinet to Execute Shares for Debt Transaction
Sep. 30, 2010 (Canada NewsWire Group) --
TORONTO, Sept. 30 /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 Q3 2010, being $26,156.25 through the issuance of 75,000 Common Shares at a deemed price of $0.34875 per share. After the issuance, Albert Wahbe will hold 8,700,000 common shares representing 20.7% whereby he will become a new control person under TSXV policies. As such, disinterested shareholders representing greater than 51% of the outstanding shares will be asked to approve the creation of a new control person through a written resolution.
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 Q3 2010, being $26,156.25, through the issuance of 75,000 Common Shares at a deemed price of $0.34875 per share.
On September 1, 2010 Dr. Richard Eidinger joined the Diversinet Board. Diversinet will be compensating Dr. Eidinger consistent with other non-management Directors. Disinterested shareholders representing greater than 51% of the outstanding shares will be asked to approve the issuance of shares through a written resolution.
The Shares for Debt Transaction is subject to approval by the TSX Venture Exchange and compliance with applicable securities laws.
About Diversinet
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.
David Hackett
Chief Financial Officer
416-756-2324 ext. 275
Source: Canada Newswire (September 30, 2010 - 4:15 PM EDT)
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