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Gold/Mining/Energy : Diversinet ( DVNTF / DVNT ) aka

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To: Miles Rhyne Hoffman, CFA who wrote ()	7/23/1999 4:12:00 PM
From: leigh aulper	of 1242

Diversinet Corp. Receives Receipt For Prospectus TORONTO, ONTARIO--Diversinet Corp. (NASDAQ Small Cap: DVNT; CDN: DVNT) today announced that it has been issued a receipt for its final prospectus by the Ontario and British Columbia securities commissions qualifying the distribution of 2,134,000 special warrants in connection with its CDN$7.4 million equity financing. The Company will now receive CDN$3,002,000 representing approximately 50 percent of the proceeds from the financing previously held in escrow pending the issuance of the receipts from the commissions. These proceeds will be used for product development and marketing and sales. The special warrants and common shares issuable upon the exercise of the special warrants have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act"), or the securities laws of any state, and may not be offered or sold in the United States or to U.S. persons (as defined in the Regulation S under the 1933 Act) unless an exemption from the registration is available. The Company also announced today that it is restating its financial statements for the years ended October 31, 1996, 1997 and 1998. The restated results decrease the net loss in 1996 by CDN$10 million and increase the net loss in each of 1997 and 1998 by CDN$5 million. The restatement is related to the CDN$10 million of technology acquired by the Company on October 31, 1996 which previous management expensed upon acquisition. In July 1999 the Company retroactively capitalized and amortized the technology on a straight-line basis over two years. The restatement has no cash impact in the years affected and has no impact on the current or future years' results. The Company's restated financial statements will be available on its website.

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