Plurilock Announces CAD$5.4 Million Order with a Law Enforcement Agency
Rhea-AI Summary
Plurilock Security has secured a CAD$5.4 million three-year sales order with a Canadian Law Enforcement Agency through its subsidiary, Integra Networks The contract, won through competitive bidding, includes a one-year term with two optional automatic renewal years. The agreement will provide software licensing for a cloud operating model that combines public cloud flexibility with private cloud security. The solution enables government agencies to maintain data residency requirements and control over their data and applications, ensuring compliance with national data protection laws.
Positive
- Secured CAD$5.4 million three-year sales order
- Won contract through competitive bidding process
- Strengthens relationship with existing customer, enabling cross-selling opportunities
- Positions company as preferred partner for future projects
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, PLCKF gained 9.23%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Plurilock won three-year sales order against a competitive market
Sale will provide a cloud operating model that integrates scalability and flexibility of a public cloud with the security and reliability of a private cloud
Engagement strengthens Plurilock's relationship with the agency, setting foundation for 'land and expand' through higher margin Critical Service
Vancouver, British Columbia--(Newsfile Corp. - November 11, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces that it has received a three-year sales order for a total of CAD
The one-year contract with two optional years automatically renewing over a total of three years was awarded through the Company's subsidiary, Integra Networks Corporation, and will provide the Customer with software licensing to enable a cloud operating model that integrates the scalability and flexibility of a public cloud with the security and reliability of a private cloud. Virtualization Capability solutions allow government agencies to maintain data residency requirements and retain full control over their data and applications, ensuring compliance with national data protection laws.
The contract, achieved through a competitive bid process, highlights Plurilock's capability to deliver specialized, cloud solutions, addressing key infrastructure needs for the Customer at a competitive price. This engagement strengthens Plurilock's relationship with the agency, positioning Plurilock as a preferred partner for future projects, and enabling cross-selling opportunities with services tailored to the Customer's evolving needs.
"This sale is a perfect example of how Plurilock is enabling digital transformation in the public sector," said Ian L. Paterson, CEO of Plurilock. "Given the sensitive nature of federal data, control and sovereignty over where data resides are critical. Federal agencies often have legacy systems that cannot be easily migrated to the public cloud, and we are providing our Customer with the flexibility required to help modernize their IT infrastructure while minimizing disruptions and maintaining control over sensitive data."
About Plurilock
Plurilock sells cybersecurity solutions to the United States and Canadian Federal Governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of Critical Services-aiding clients with our expertise to defend against, detect, and prevent costly data breaches and cyberattacks.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
Sean Peasgood
Investor Relations
sean@sophiccapital.com
647.953.5607
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") related to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, and unforeseen events and developments. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company's business are more fully discussed under the heading "Risk Factors" in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR+ at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229441
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