Plurilock Secures CAD$1.4 Million Contract with Canadian Federal Government

Rhea-AI Summary

Plurilock Security (TSXV: PLUR) (OTCQB: PLCKF) has secured a CAD$1.478 million contract with the Treasury Board of Canada Secretariat for secure IT solutions. The three-year contract, awarded through competitive bidding to Plurilock's subsidiary Integra Networks , includes a one-year initial term with two optional renewal years.

The contract focuses on providing secure deployment and operational integrity within key federal programs, leveraging Plurilock's expertise in cybersecurity, IT infrastructure, and compliance-driven technology solutions. The company expects to begin delivery and fulfillment in Q1 2025, with expenses and gross margin projected to align with its historic Solutions Division hardware and system sales business.

Positive

• Secured CAD$1.478 million contract with Canadian federal government
• Three-year contract term with potential renewals
• Won through competitive bidding, demonstrating market competitiveness
• Strengthens company's position in Canadian federal market

Negative

• None.

• Strengthens Plurilock's footprint in the Canadian federal market, reinforcing its reputation as a trusted vendor for critical government initiatives.
• Plurilock continues to leverage its deep expertise in cybersecurity, IT infrastructure, and compliance-driven technology solutions.
• Secured via a competitive bid process, the contract reinforces Plurilock's reputation for cost-effective solutions.

Vancouver, British Columbia--(Newsfile Corp. - March 10, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces it has been awarded a three-year sales order for a total of CAD$1.478 million with the Treasury Board of Canada Secretariat for secure IT solutions.

Federal agencies require robust security and compliance frameworks for IT implementations, and the Treasury Board Secretariat has selected Plurilock to ensure secure deployment and operational integrity within key federal programs. The one-year contract, with two optional renewal years for a total potential duration of three years, was secured through the Company's subsidiary Integra Networks Corporation.

"Winning this contract with the Treasury Board Secretariat is another testament to Plurilock's ability to deliver secure, enterprise-grade IT solutions to government agencies," said Ian L. Paterson, CEO of Plurilock. "As cybersecurity and digital transformation remain top priorities for federal organizations, we look forward to supporting Canada's government with technology that enhances operational efficiency while maintaining the highest security standards."

The contract, awarded through a competitive bidding process, highlights Plurilock's expertise in IT infrastructure and compliance-driven technology designed to meet essential infrastructure needs at a competitive price. In connection with this CAD$1.478 million sales order, Plurilock 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's most recent MD&A. Plurilock expects delivery and fulfillment to begin during Q1 2025. Further details with respect to the terms of the contract are subject to confidentiality and non-disclosure.

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/243816

FAQ

What is the value and duration of Plurilock's (PLCKF) new government contract?

Plurilock secured a CAD$1.478 million contract with a one-year initial term and two optional renewal years, for a total potential duration of three years.

When will Plurilock (PLCKF) begin fulfilling the Treasury Board contract?

Plurilock expects to begin delivery and fulfillment during Q1 2025.

How will the Treasury Board contract affect Plurilock's (PLCKF) financial performance?

The contract's expenses and gross margin are expected to align with the company's historic Solutions Division hardware and system sales business.

Which Plurilock (PLCKF) subsidiary will execute the Treasury Board contract?

The contract will be executed through Plurilock's subsidiary Integra Networks