DIVERSINET TO OFFER WAP-COMPATIBLE SECURITY SOFTWARE FOR GLOBAL WIRELESS E-COMMERCE APPLICATIONS
Diversinet further enhances its digital certificates for new generation of cellular phones for such services as wireless banking, stock trading, auctions, shopping
TORONTO, Canada - November 30, 1999 - Diversinet Corp. (NASDAQ Small Cap; DVNT; CDN: DVNT), a leader in security software for wireless e-commerce applications, will offer digital certificate software designed to help safeguard services employing the Wireless Application Protocol (WAP) - the de facto standard for transmitting wireless data information.
The latest version of Diversinet's Passport Certificate Server (Version 3.0), available in December, will provide certificates for secure WAP applications such as wireless banking, stock trading, auctions and shopping. Version 3.0 is a major enhancement to Diversinet's patented security solutions that extend the company's products across multiple devices, networks and operating systems.
The Diversinet Passport Certificate Server Version 3.0 issues WAP WTLS 1.1 (Wireless Transport Layer Security) standard certificates, which establishes a basis for secure communications. WTLS is a wireless version of TLS, a wireline standard for secure communications that upgrades the SSL (Secure Socket Layer) standard.
Diversinet is the first company to offer true WAP WTLS certificates.
Analysts predict that as many as 1 billion wireless phones - more than wired phones - will be in use by 2003, and perhaps half of the phones will be able to access data services. In Europe alone, the wireless e-commerce market is forecast to generate $25 billion (U.S.), according to a report by Durlacher Research, released in November. The Mobile Commerce report says 21 percent of the revenues will be generated by mobile financial services and 15 percent will be generated by personal shopping.
Virtually every major wireless carrier and handset manufacturer will offer WAP-compatible products and services, resulting in a wealth of new services and hundreds of millions of WAP phones forecast within the next several years. WAP phones typically incorporate a "micro-browser" that enables users to access information and conduct transactions.
"For the past two years Diversinet has been focusing on security for resource-limited devices - such as wireless phones, PDAs, pagers and smart cards. This strategy gives us a significant advantage over many other security companies that are only now beginning to examine the wireless e-commerce market," says Nagy Moustafa, president and CEO of Diversinet.
"Diversinet's entry into the WAP marketplace offers us exciting new revenue opportunities around the world for licensing our digital certificates," says Moustafa.
Diversinet's WAP-compatible Passport Certificate Server Version 3.0 does not require additional software on wireless devices incorporating the WAP platform. The product automatically will provide a secure connection to applications without requiring any effort by subscribers.
In addition to WAP WTLS, the Passport Certificate Server Version 3.0 supports Diversinet's specialized certificates that also are optimized for bandwidth-constrained devices. The server's dual functionality of WAP WTLS and Diversinet digital certificates enables wireless network operators, equipment vendors, content providers and application developers to incorporate security software into the millions of wireless devices operating today as well as paving the way for the future with WAP devices.
The Passport Certificate Server Version 3.0 will work with the latest wireless data devices, including 3Com's Palm VII, the [email protected] Pager 950 from Research in Motion, and both Windows CE and Java-based devices. The server will also support both RSA and ECC encryption algorithms.
The Passport Certificate Server is complemented by Diversinet's unique Passport Authorization Server - the only permit software that is offered independently from the certificates. Digital permits provide a high degree of flexibility in allowing users the right to access information based upon time, date, type of data, etc. The ability to provide targeted access to specific items of information is crucial to creating the personalized services that wireless subscribers will demand.
The Passport Certificate Server and the Passport Authorization Server comprise Diversinet's Passport Suite that offers security that far exceeds encryption-only products.
"Our software suite - the Passport Certificate Server and Passport Authorization Server - creates a single infrastructure that enables the wireless community to support multiple devices across multiple networks," says Moustafa.
About Diversinet Corp.
Diversinet Corp., headquartered in Toronto, Canada, is a leading developer of security products based on public-key technology for wireless and wireline e-commerce applications, such as banking, stock trading, financial analysis and healthcare databases. Diversinet's innovative Passport™ software, including authentication, digital certificates, digital signatures and digital permits, is especially designed for resource-constrained products, such as pagers, wireless phones and smart cards. Diversinet is a WAP Forum member. Web site: http://www.dvnet.com.
This press release may contain forward-looking statements relating to Diversinet. Among the important factors that could cause the actual results to differ materially form those indicated by such forward-looking statements are delays in product developments, undetected software errors and bugs, competitive pressures, technical difficulties, market acceptance, changes in customer requirements and general economic conditions. All other companies and products listed herein may be trademarks or registered trademarks of their respective holders.
HWH Public Relations
Jeff Lewis or Narciso Tovar
Investor Relations Group
Dian Griesel, Ph.D.