Plurilock Announces US$820,000 Order with a State Law Enforcement Agency

Rhea-AI Summary

Plurilock Security has secured a US$820,000 two-year sales order with a State Law Enforcement Agency through its Aurora Systems Consulting subsidiary. The contract, dated November 13, 2024, will provide Intrusion Detection and Prevention Systems (IDPS) to enhance the agency's cybersecurity infrastructure. The delivery and fulfillment are expected during Q4, 2024, with expenses and gross margin aligning with the Company's historic Solutions Division performance. The IDPS will continuously monitor network traffic to protect against cyber threats like phishing, spam, and viruses by blocking and reporting malicious activities.

Positive

• Secured significant US$820,000 two-year contract
• Contract renewal with existing customer demonstrates client retention
• Expected delivery in Q4 2024 provides near-term revenue visibility

Negative

• None.

• Long-standing customer selects Plurilock to modernize IT infrastructure and safeguard against cyber threats
• Sale will provide Intrusion Detection and Prevention Systems, a security tool that continuously monitors network traffic to block malicious activity
• Plurilock won two-year sales order against a competitive market

Vancouver, British Columbia--(Newsfile Corp. - November 18, 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 two-year sales order for a total of US$820,000 with a State Law Enforcement Agency (the "Customer") dated November 13, 2024.

The one-year contract with one optional year for a total of two years was awarded through the Company's Aurora Systems Consulting subsidiary, and will provide the Customer with Intrusion Detection and Prevention Systems (IDPS). In connection with this US$820,000 sales order, the Company anticipates that both the expenses associated with fulfillment of this order and the gross margin will be consistent with the Company's historic Solutions Division hardware and system sales business as previously reported in the Company MD&A. The Company expects to delivery and fulfillment to occur during Q4, 2024. Further details with respect to the terms of the contract are subject to confidentiality and non-disclosure. Deals such as this align with Plurilock's land-and-expand strategy, strengthening existing relationships and paving the way for future opportunities.

For a State Law Enforcement Agency, implementing an IDPS is crucial for safeguarding sensitive data and operations. Given the rise in cyber threats like phishing, spam, and viruses, an IDPS provides proactive defense by continuously monitoring network traffic. When malicious activity is detected, the system can immediately take action - whether it's blocking, reporting, or stopping the threat. This level of protection helps the Agency prevent unauthorized access, secure critical information, and maintain operational integrity against cyber-attacks.

"This agreement highlights Plurilock's ongoing role in advancing digital transformation in the public sector," stated Ian L. Paterson, CEO of Plurilock. "By integrating advanced Intrusion Detection and Prevention Systems, we enhance our Customer's ability to monitor and block malicious activity in real-time. This long-standing Customer has built a trusted partnership with us and continues to depend on Plurilock for modernizing their IT infrastructure and safeguarding against cyber threats."

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/230304

FAQ

What is the value of Plurilock's (PLCKF) recent contract with the State Law Enforcement Agency?

Plurilock secured a US$820,000 two-year sales order with a State Law Enforcement Agency, dated November 13, 2024.

What product will Plurilock (PLCKF) provide under the new State Law Enforcement Agency contract?

Plurilock will provide Intrusion Detection and Prevention Systems (IDPS) that continuously monitor network traffic to block malicious activity.

When will Plurilock (PLCKF) deliver the IDPS system to the State Law Enforcement Agency?

The delivery and fulfillment of the IDPS system is expected to occur during Q4, 2024.