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Healthcare Tech: Diversinet, AllOne Settle Dispute

June 21, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Diversinet Corp. (TSX Venture: DIV) (OTCBB: DVNTF), a provider of secure mobile healthcare software, said it has reached a settlement with AllOne Mobile Corp. and its parent company, AllOne Health Group, Inc., which were seeking the termination of the parties' September 2008 license and revenue sharing agreement.

According to the terms of the settlement agreement, AllOne will pay Diversinet $4 million to terminate the license agreement, including any future revenue sharing obligations.

Diversinet will also retain complete ownership and control over its related intellectual property developed during the term of the license agreement.

Additionally, the parent company of AHG, Hospital Service Association of Northeastern Pennsylvania, d/b/a Blue Cross of Northeastern Pennsylvania, will return to Diversinet all of the common shares of Diversinet it currently owns, totalling 6,956,152 shares.

HSA had acquired 6,756,757 shares of Diversinet common stock in a private placement completed in August 2007. The offering was priced at $0.74 per share, for gross proceeds of $5,000,000 to Diversinet.

In September 2008, Diversinet entered into the license agreement with AllOne to cross-license certain software and share revenues from the worldwide sales. Under the terms of the license agreement, Diversinet provided an exclusive worldwide right to AllOne to sub-license certain Diversinet software in combination with AllOne's software in the mobile personal health record market.

As of May 2010, HSA owned 6,956,152 common shares of Diversinet, representing around 14.5% of the issued and outstanding common shares of Diversinet. These common shares will be returned to Diversinet for cancellation as part of the settlement agreement.

Canada-based Diversinet provides the healthcare industry with applications meant to securely connect people with their healthcare information, providers and payers.

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