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Diversinet first quarter sales soar due to new business from AllOne deal

Published: 04:40 02 May 2009 AEST

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Mobile authentication and security specialist Diversinet Corp (TSX-V: DIV) reported revenues of US$2.01 million in the first quarter, compared with US$341,595 a year earlier, as the quarter saw the introduction of additional customers through its relationship with AllOne Health.

The first quarter figure includes US$1.625 mln from the US$40 million five-year worldwide license and revenue share agreement with AllOne Mobile Corp in the third quarter of 2008.

Diversinet swung to a net profit of US$182,000, compared with a loss of US$1.16 million a year earlier.
Cash and cash equivalents at March 31 2009 were US$10.72 million and US$12 at December 31 2008.

Chief executive and chairman Albert Wahbe said: "We believe that we can make additional progress in the health care industry even in these challenging economic times. We are pleased to report our third consecutive profitable quarter.”

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