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Gold/Mining/Energy : Diversinet ( DVNTF / DVNT ) aka -- Ignore unavailable to you. Want to Upgrade?

To: vincent sciplini who wrote (142)	2/7/1998 1:55:00 PM
From: leigh aulper	Read Replies (1) \| Respond to of 1242

Diversinet Announces Year End Results No. shares issued and outstanding 14,376,926 TORONTO, Feb. 6 /CNW-PRN/ - Diversinet Corp. (NASDAQ: DVNTF; CDN: DVNT) announced today its fiscal results for the year ended October 31, 1997. Year Ending October 31, 1997 1997 1996 Revenue from continuing operations $391,536 $375,690 Net loss from continuing operations ($998,315) ($13,623,497) Net loss from discontinued operations ($75,384) ($15,058,667) Net loss for the year ($1,073,699) ($28,682,164) Net loss per share from continuing operations ($0.07) ($1.15) Net loss per share ($0.07) ($2.43) The Company reported a 92% reduction in its net loss from continuing operations for the year ended October 31, 1997, compared to the same period in 1996. Diversinet's restructuring program that had been implemented until the year-end of October 31, 1997, involved the recognition of research and development writedowns, provisions for inventory returns and cost-effective revisions of restructuring expenses. Discontinued operations reflect the Company's IPS 950 division, which was a company recently divested. As of October 31, 1997 the Company's cash reserves totaled to $873,647. On December 8th, 1997 Diversinet announced that it had successfully completed an equity financing of net proceeds of US $900,000. The Company's cash reserves in the amount of $3,050,000 as of February 6, 1998, is to be used for the marketing of its products currently under development. The Company has no long-term debt. In October 1997, Diversinet announced the appointment of Nagy Moustafa to the position of President and Chief Executive Officer and Chairman of the Board of Directors. Soon after his appointment, Dr. Taher Elgamal, the Chief Scientist of Netscape Communications Corp. was appointed to the Board of Directors. Subsequently, in November, Diversinet announced the appointment of Ken Nickerson, General Manager of Microsoft Network (MSN) in Canada to the Board of Directors and the appointment of Michael A. Wildish as Vice President Engineering. The Diversinet Board demonstrates expertise in the field of Electronic-commerce security, public-key infrastructure and electronic applications, which is the company's key business focus. At this time, I am encouraged by the activities and results to date. The year end results demonstrate that the steps we've taken in both restructuring and decision making have had a positive impact on our operating results'' said Nagy Moustafa, President and Chief Executive Officer Diversinet Corp. Currently, the Company's strategic direction is set to offer groundbreaking technology for secure electronic-commerce enabling servers. ''With sufficient capital to bring to market an array of security products and the Company's strategic direction now in place, we are excited about the prospects ahead for Diversinet. Our technology is capturing tremendous interest in the marketplace; we anticipate a product line launch in May 1998,'' adds Mr. Moustafa.