Diversinet Corp.

Diversinet Corp.

December 02, 2013 15:07 ET

Diversinet Announces Application to End Reporting Issuer Status

TORONTO, ONTARIO--(Marketwired - Dec. 2, 2013) - Diversinet Corp. ("Diversinet") (OTCQB:DVNTF), by Duff & Phelps Canada Restructuring Inc. (the "Liquidator"), in its capacity as the Court appointed Liquidator of Diversinet, has applied to the Ontario Securities Commission (the "OSC") as principal regulator for a decision under the securities legislation of Ontario, Alberta and British Columbia (the "Jurisdictions") that Diversinet has ceased to be a reporting issuer.

Diversinet is presently a reporting issuer for purposes of Canadian securities laws and, accordingly, is subject to the continuous disclosure and other requirements imposed by such laws for the benefit of Diversinet's shareholders and the public. Effective at the close of business on August 13, 2013, the common shares of Diversinet were delisted from TSX Venture Exchange. Pursuant to the plan of liquidation and distribution (the "Liquidation Plan"), Diversinet commenced winding-up proceedings pursuant to the Business Corporations Act, R.S.O. 1990, c.B.16, as amended, and the Liquidator was appointed. On October 18, 2013, the winding-up order and claims procedure order were issued by the Ontario Superior Court of Justice (Commercial List) (the "Court") approving a voluntary winding-up of Diversinet. Pursuant to the Liquidation Plan, the Liquidator is to maintain the listing of the common shares of Diversinet on the OTCQB until the completion of the Claims Process (as defined in the Liquidation Plan). The Liquidator anticipates that the claims process will be completed on or around December 16, 2013.

Upon the completion of the claims process and delisting from the OTCQB, Diversinet's common shares will no longer be listed or posted for trading on any stock exchange or marketplace. Further, all transfers of Diversinet's common shares made on or after the completion of the claims process will be void unless made with the explicit sanction of the Liquidator. As a result, Diversinet's shareholders will no longer have the ability to trade in Diversinet's common shares following the completion of the claims process and the delisting from the OTCQB, which is anticipated to be on or around December 16, 2013.

If its application is granted, Diversinet's shareholders will still have access to relevant information relating to Diversinet. In this regard, the Liquidator continues to post information on the website that it has established in respect of Diversinet's winding-up proceedings (http://www.duffandphelps.com/intl/en-ca/Pages/RestructuringCases.aspx) and, where considered advisable, will continue to issue press releases. In accordance with the Liquidation Plan and the Court Orders issued on October 18, 2013, the Liquidator will continue to report to the shareholders of Diversinet on the Liquidation Plan at such times and intervals as the Liquidator may deem appropriate. In addition, the Liquidator will report to the Court from time to time with respect to its administration of the winding-up proceedings.

There can be no assurance that the order sought by Diversinet will be granted by the Canadian securities regulatory authorities or, if granted, when such order will be so issued.

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