Plurilock Announces US$1.9 Million in Critical Services Contracts with S&P 500 Semiconductor Company

Rhea-AI Summary

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) has secured US$1.9 million in new cybersecurity contracts with a prominent S&P 500 semiconductor company. The contracts involve modernizing the customer's cybersecurity and information security platforms, including:

• Identity and Access Management (IAM) stack
• Configuration Management Database (CMDB) infrastructure
• Encryption infrastructure
• Phishing training and reporting infrastructure
• Internal cybersecurity communications

The work aims to enhance the customer's posture in Role-Based Access control (RBAC), Zero Trust, least privilege access management, phishing and ransomware readiness, and security best practices awareness. These contracts were secured through Plurilock's subsidiary, Aurora Systems Consulting, based on the success of previous Critical Services engagements with the customer.

Positive

• Secured US$1.9 million in new cybersecurity contracts with an S&P 500 semiconductor company
• Expanding business relationship with a prominent customer
• Demonstrating success and reliability in previous engagements
• Diversifying service offerings in critical cybersecurity areas

Negative

• None.

News Market Reaction

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On the day this news was published, PLCKF declined 0.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Plurilock to modernize the Customer's Identity and Access Management, Configuration Management Database infrastructure, and encryption infrastructure

• Plurilock will refresh the Customer's phishing training and reporting infrastructure and update the Customer's internal cybersecurity communications practices

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces US$1.9 million in new cybersecurity contracts with a prominent semiconductor company (the "Customer") listed on the S&P 500 index.

Under the four contracts, together valued at US$1.9 million, the Company will provide services to modernize several of the Customer's foundational cybersecurity and information security platforms and resources, including its Identity and Access Management (IAM) stack, its Configuration Management Database (CMDB) infrastructure and integrations, its encryption infrastructure, its phishing training and reporting infrastructure, and its internal cybersecurity communications.

The work will significantly enhance the Customer's posture with respect to Role-Based Access control (RBAC), Zero Trust, least privilege access management, phishing and ransomware readiness, and security best practices awareness.

The new contracts are follow-on business, earned based on success in previous Critical Services engagements with the customer, and were secured through Plurilock's subsidiary, Aurora Systems Consulting.

"We're honored to have earned this opportunity based on the success of our previous work with this valued customer," says Ian L. Paterson, CEO of Plurilock. "Their decision to partner with us once again, this time to modernize their Identity and Access Management infrastructure and enhance phishing prevention strategies, is a testament to the quality and reliability of our solutions. This engagement reaffirms the trust our clients place in Plurilock Critical Services, and we're excited to continue delivering exceptional results."

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/225115

FAQ

What is the value of the new contracts Plurilock Security (PLCKF) secured with the S&P 500 semiconductor company?

Plurilock Security secured new cybersecurity contracts valued at US$1.9 million with a prominent S&P 500 semiconductor company.

What specific cybersecurity services will Plurilock (PLCKF) provide under these new contracts?

Plurilock will modernize the customer's Identity and Access Management (IAM) stack, Configuration Management Database (CMDB) infrastructure, encryption infrastructure, phishing training and reporting infrastructure, and internal cybersecurity communications.

How did Plurilock Security (PLCKF) secure these new contracts?

Plurilock secured these contracts through its subsidiary, Aurora Systems Consulting, based on the success of previous Critical Services engagements with the customer.

What cybersecurity areas will be enhanced for the customer through Plurilock's (PLCKF) services?

The services will enhance the customer's posture in Role-Based Access control (RBAC), Zero Trust, least privilege access management, phishing and ransomware readiness, and security best practices awareness.