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/C O R R E C T I O N from Source — Diversinet Corp./

July 26, 2012

Please note that c2789 transmitted at 09:00e today has been updated.
Revised copy follows:

Diversinet Reports Second Quarter 2012 Financial Results

TORONTO, July 26, 2012 /PRNewswire/ – Diversinet Corp. (TSX Venture: DIV,
OTCBB: DVNTF), a leader in secure mobile health that “Powers Care
Coordination through Mobility,” reported its second quarter 2012
results for the period ended June 30, 2012. All dollar amounts are in
U.S. dollars.

Financial Highlights

Revenues for the second quarter of 2012 increased 217% to $419,000 from
$132,000 in the same year-ago period. Revenues for the six months ended
June 30, 2012 increased 22% to $701,000 from $576,000 in the same
period in 2011.

Revenues in the second quarter of 2012 included $185,000 from the
company’s license and reseller agreement with Mihealth Global Systems
and $75,000 from the University of Nebraska.

Net loss in the second quarter totalled $1.1 million or $(0.03) per
share, improving from $1.7 million or $(0.04) per share in the same
year ago period. Net loss for the six months ended June 30, 2012 was
$2.6 million, or $(0.06) per share, improving from $2.8 million or
$(0.07) per share in the first six months of 2011.

Cash and cash equivalents were $5.1 million at June 30, 2012 compared to
$7.4 million at December 31, 2011.

Operational Highlights

        --  Supported the roll-out of Janssen Healthcare Innovation's
            Care4TodayTM Mobile Adherence platform, a new patient-centered
            mobile website and app using Diversinet's MobiSecure®
            technology. The secure, two-way messaging platform reminds
            patients to take medications, refill prescriptions and keep
            medical appointments.

        --  During the second quarter, the University of Nebraska expanded
            their virtual preoperative assessment initiative with
            Diversinet to include additional iterative rules and algorithm
            designs.

        --  Received the 2012 CATA Alliance Award for Outstanding Product
            Achievement in Healthcare. The award recognizes outstanding
            technology engineering development that has resulted in the
            production of world-class, field-proven products.

        --  Diversinet's CEO, Dr. Hon Pak, was interviewed by
            SearchHealthIT at the 2012 American Telemedicine Association
            conference. He shared his views on trends in telemedicine
            adoption, mHealth and EHR systems. A link to the interview is
            available at
            www.diversinet.com
            under the 'feature' section.

        --  Subsequent to Q2 2012 Diversinet appointed Bret Jorgensen as
            chairman of the board succeeding Albert Wahbe, who has retired
            as chairman but remains a member of the board. Jorgensen brings
            more than 20 years of experience as a healthcare entrepreneur
            and corporate transformation executive to Diversinet.

“Our second quarter growth was the result of our renewed focus on
creating, on behalf of our clients, more effective patient engagement
and care coordination using our MobiSecure® technology,” said Dr. Pak.
“The improvement in revenue reflects the strong leverage in our model
and the value we’ve created in our intellectual property.

“With MobiSecure, we are able to address the increasing demand by
healthcare organizations for patient-centered mobile solutions that
improve quality of care, reduce costs and provide critical security in
a mobile environment. No other mHealth platform offers the security and
feature-richness of MobiSecure, including its ability to securely
connect to back-end servers and allow two-way communications or
analysis of personal health information. Security features embedded in
our platform include data encryption at rest and in transit, as well as
patented mobile software anti-cloning protection. Altogether, there is
not a more robust solution for delivering this type of patient care on
the market today.

“Increasingly major organizations that deliver healthcare are beginning
to take notice of this, as evidenced by our growing marquee customer
list that now includes Janssen, U.S. Army, MiHealth, University of
Nebraska, and others. We anticipate our gathering momentum to continue
as we complete the second half 2012.”

Financial Summary


                                                    Q2 2012        Q2 2011

    Revenues                                       $419,258       $132,108

    Cost of revenues                                 64,934         30,744

    Gross margin                                    354,324        101,364

    Expenses                                                              

      Research and development                      702,828        734,971

      Sales and marketing                           344,359        482,880

      General and administrative                    444,635        559,605

      Depreciation                                   13,231         16,216

                                                  1,505,053      1,793,672

    Loss before the undernoted                  (1,150,729)    (1,692,308)

    Foreign exchange gain                               453          4,673

    Interest income                                   3,059             26

    Loss for the period                        $(1,147,217)   $(1,687,609)

    Basic and diluted earnings (loss) per           $(0.03)        $(0.04)
    share

    Cash and cash equivalents                    $5,098,650     $9,790,920

    Total assets                                 $5,539,210    $10,159,955

    Total current liabilities                      $749,699       $568,038

    Total shareholders' equity                   $4,789,511     $9,591,917

    Weighted average basic and fully diluted     43,179,333     42,503,921
    common shares outstanding

For complete financial statements, including the notes and management’s
discussion and analysis, please visit our website at www.diversinet.com/FinancialReports.html.

About Diversinet

Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF) provides patented and
proven secure products that enable healthcare organizations to rapidly
deploy HIPAA-compliant mobile healthcare (mHealth) applications to
power care coordination. Learn more about Diversinet at www.diversinet.com.

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 the 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.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. MobiSecure
is a registered trademark of Diversinet Corp.

 

SOURCE Diversinet Corp.


Source: PR Newswire