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Diversinet Corp. Announces Year End Results
BusinessWire, Thursday, December 31, 1998 at 10:18
TORONTO, Ontario--(BUSINESS WIRE)--December 31, 1998--Diversinet
Corp. (NASDAQ Small Cap: DVNTF; CDN: DVNT) announced today its
financial results for the year ended October 31, 1998.
*T
In Canadian Dollars
Year Ending October 31
1998 1997
Revenue from continuing operations $192,362 $391,536
Net loss from continuing operations ($2,716,306) ($998,315)
Net loss from discontinued operations ($687,978) ($75,384)
Net Loss ($3,404,284) ($1,073,699)
Net loss per share from continuing
operations ($0.18) ($0.07)
Net loss per share ($0.22) ($0.07)
*T
The company reported a net loss from continuing operations of
($2,716,306), or ($0.18) per share for the year ended October 31, 1998
compared to a net loss of ($998,315), or ($0.07) for fiscal 1997. The
net loss in fiscal 1998 was ($3,404,284), or ($0.22) per share for the
year ended October 31, 1998 compared to a net loss of ($1,073,699) or
($0.07) per share for fiscal 1997.
The increased net loss from continuing operations in fiscal 1998
reflects the Company's early stage focus on product development and
introduction. The Company's cash position as of October 31, 1998 was
$4,136,066.
"We are pleased with the progress made in fiscal 1998 in terms of
securing financing in October for continued product development and
sales and marketing support. In addition, recent relationships formed
with Gemplus, Microsoft Canada, Oasis Technology LTD. and Microforum
Inc. will help to introduce and demonstrate our technology in the
smart card and electronic commerce industries. It is important to the
development of the Company to continue to leverage our technology into
those industries that require secure communications for corporate
networks, Intranets and the Internet for electronic commerce. We look
forward to moving the Company along its success plan in fiscal 1999,"
said Ralph Philipps, Vice President and Chief Financial Officer.
Diversinet Corp. (www.dvnet.com) is a leading provider of digital
certificate management tools and a developer of public key
infrastructure (PKI) technology required for corporate networks,
Intranets and the Internet for electronic commerce. Diversinet's
proprietary PKI technology offers diverse security authentication
applications that are easy to use, operate efficiently and offer
flexible implementation.
This press release may contain forward looking statements
relating to Diversinet. Among the important factors that could cause
the actual results to differ materially from those indicated by such
forward-looking statements are delays in product developments,
undetected software errors and bugs, competitive pressures, technical
difficulties, market acceptance, changes in customer requirements and
general economic conditions. All other companies and products listed
herein may be trademarks or registered trademarks of their respective
holders.
CONTACT: Investor Relations/Media:
The Investor Relations Group, Inc.
Richard Land/Dian Griesel Ph.D.
212.664.8489
or
Diversinet
Ralph Philipps
416.756.2324
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET COMED EARNINGS BANKING
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Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:DVNTF
Diversinet Corp |
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