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OTCBB: DVNTF FOR IMMEDIATE RELEASE: Diversinet Strengthens Its Operational Plan to Focus on Mass Market Mobile Authentication ServicesCompany Announces Asset Sale of Non-Core DSS Software Technologies SubsidiaryTORONTO, Canada, March 29, 2005 – Diversinet Corp. (OTCBB: DVNTF), a leading provider of mobile device security for the mobile data ecosystem, today announced the asset sale of its wholly owned subsidiary DSS Software Technologies to CIT Global, Inc., an international provider of high quality, innovative eCommerce / mCommerce solutions and services. “The sale of DSS allows the company to focus exclusively on executing our plans to deliver our mass market mobile authentication service strategy,” said Nagy Moustafa, Chief Executive Officer of Diversinet. “The net assets and customers acquired through the purchase of DSS in 2003, while a significant portion of our current revenue stream, are not consistent with our new business strategy.” “The global need for strong authentication solutions to protect businesses and consumers from phishing and identity theft is set to explode. Over the last six months we have seen significant customer interest in Diversinet’s suite of mobile authentication solutions,” adds Kashif Hassan, President of Diversinet. “With the sale of the non-core DSS assets, Diversinet can now fully focus its efforts on providing mobile device-based authentication services to protect the user’s identity, data and devices for personal communications and commercial transactions.” Under this asset sale agreement Diversinet sold the majority of the assets, liabilities and customers to CIT Global, which will continue the operations as CIT Global, capitalizing on DSS’ strong synergy with CIT Global business and capabilities. “We are pleased with the opportunity to expand our market development with the acquisition of DSS operations and business from Diversinet”, said Ashraf Zaki, President & CEO of CIT Global. “Combining DSS’ quality services and market presence with CIT Global’s niche eCommerce technology solutions and global delivery capabilities will provide a significantly enhanced value proposition to current and future clients of both organizations. We welcome DSS’ talented professionals to the CIT Global team.” Diversinet has determined that the opportunity for mobile authentication services is very large and the company will initially focus its efforts on the mobile opportunity. The Federal Trade Commission in the United States has estimated that during 2003 almost 10 million Americans discovered they were victims of identity theft with losses approaching $50 billion. According to Dataquest, some 52 million U.S. households, or about 51 percent of the total, own a mobile phone. Deploying a strong authentication application on mobile phones would enable businesses and consumers to use their mobile devices to authenticate themselves for online transactions with enhanced security to protect their identity. Diversinet offers an industry-leading solution for mobile-optimized strong authentication through its Diversinet MobileSecure Client and Authentication Service offerings available on all intelligent mobile device platforms including Microsoft, RIM, Symbian, Palm and Java-based phones. As part of the sale, Diversinet has entered into a guarantee agreement to provide certain indemnification provisions to CIT Global against continued earn out payments over the next 5 years. The asset purchase agreement sale will result in net proceeds of US$250,000, with $100,000 paid at closing with the remaining $150,000 being paid equally on May 1, July 1 and September 1, 2005. Diversinet acquired DSS in January 2003. The assets being sold relate mainly to the systems integration and technical consulting business that DSS carried out prior to its acquisition by Diversinet. These revenues represent approximately 63% of Diversinet’s 2004 revenues. # # # Gary Hilson
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