Plurilock Provides Corporate Update

Rhea-AI Summary

Plurilock (OTCQB: PLCKF) provided a corporate update on October 9, 2025 outlining progress in defence-focused initiatives and Critical Services growth. The company established a dedicated federal capture team led by new CTO and Critical Services GM Michael Ruiz to pursue government cybersecurity contracts across the U.S., Canada, NATO and allied nations. Plurilock reported adding 3 new Critical Services customers, expanding work with 2 existing clients, and recording one of its strongest months for new business pipeline. The company secured repeat orders from U.S. and Canadian federal agencies. Management additions include Dr. Chase Cunningham to the Industry Advisory Council and equity awards totaling 600,000 options at $0.25 and 850,000 RSUs.

Positive

• Established federal capture team to pursue allied-nation contracts
• Added 3 new Critical Services customers
• Expanded work with 2 existing Critical Services clients
• Repeat orders secured from U.S. and Canadian federal agencies
• Granted 600,000 options at $0.25 exercise price

Negative

• Ongoing U.S. IT budget discussions could reduce near-term federal spending

Defense Momentum and Critical Services Growth

Vancouver, British Columbia--(Newsfile Corp. - October 9, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services provider, announces a corporate update detailing progress on new defense-focused momentum and continued execution of its high-value Critical Services growth strategy.

Federal Capture Team and Critical Services Pipeline

Building on its enterprise foundation, Plurilock has established a dedicated capture team to pursue competitive government cybersecurity opportunities across the U.S., Canada, NATO, and allied nations. Led by newly appointed CTO and Critical Services General Manager Michael Ruiz, this initiative positions the Company to compete for major federal cybersecurity contracts across allied nations, with a focus on critical national infrastructure and defense.

Despite ongoing discussions in Washington around reducing IT budgets, the U.S. public sector remains a resilient and expanding cybersecurity market. The FY2026 discretionary budget exceeds US$75 billion for the first time, driving modernization initiatives across federal agencies.¹ New mandates from the National Institute of Standards and Technology (NIST) and Department of Homeland Security (DHS) are accelerating infrastructure transformation, while emerging threats from quantum computing and adversarial nations continue to elevate cybersecurity as a national security priority. While these advancements reflect broader industry tailwinds, Plurilock acknowledges that such budgetary and policy trends may not directly impact the Company.

In September, Plurilock added three new Critical Services customers, expanded work with two existing clients, and recorded one of its strongest months to date for new business pipeline development. These developments reflect steady progress in expanding client relationships and pursuing larger cybersecurity engagements through the Company's strategic partner network.

Plurilock also secured several repeat orders from U.S. and Canadian federal agencies, reinforcing the continuity of its government relationships. These revenue streams add visibility and support the Company's organic growth trajectory. In connection with all Critical Services contracts and pipeline, Plurilock anticipates that fulfillment costs and gross margins will remain consistent with its historic Professional Services business, as disclosed in its most recent MD&A. Contract terms remain subject to confidentiality and non-disclosure.

Leadership Strengthened

In support of its strategic growth agenda, Plurilock has appointed Dr. Chase Cunningham, a globally recognized cybersecurity strategist and creator of the Zero Trust Extended (ZTX) Framework, to its Industry Advisory Council. Dr. Cunningham brings over two decades of experience across cyber operations, government advisory, and security architecture. His background includes roles at Forrester Research, the U.S. Navy, the NSA, and Accenture.

Pursuant to the provisions of the Company's Amended Omnibus Incentive Plan, the Company has granted a total of 600,000 options to certain employees, consultants and an officer of the Company at an exercise price of $0.25 per share for a period of five years, with 25% to vest one year from the grant date and 25% every 12 months thereafter. In this regard, the Company has allocated 100,000 options to Mrs. Veera Singh, who was recently promoted to VP of Finance. The Company has also granted a total of 850,000 restricted share units to certain employees and consultants for a three-year term, with 1/3 to vest one year from the grant date and 1/3 every 12 months thereafter. These grants were made to appropriately reward the previous and ongoing contributions of the recipients and to encourage them to continue contributing significantly to Plurilock's success in future.

About Plurilock

Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.

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) accept 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.

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¹ Capstone Partners. Sep 30, 2025. Cybersecurity Market Update - September 2025.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269740

FAQ

What federal markets is Plurilock (PLCKF) targeting with its new capture team?

Plurilock is targeting the U.S., Canada, NATO and allied nations for major federal cybersecurity contracts.

How many new Critical Services customers did Plurilock (PLCKF) add in October 2025?

Plurilock added 3 new Critical Services customers and expanded engagements with 2 existing clients.

What equity awards did Plurilock (PLCKF) grant on October 9, 2025?

The company granted a total of 600,000 options at $0.25 and 850,000 restricted share units under its incentive plan.

Does Plurilock (PLCKF) have existing government revenue visibility?

Yes; the company reported repeat orders from U.S. and Canadian federal agencies that add revenue visibility.

Who joined Plurilock's advisory team to support its defense strategy?

Dr. Chase Cunningham joined the Industry Advisory Council to advise on cybersecurity strategy and Zero Trust frameworks.