Plurilock Security Inc. Announces Closing of CloudCodes Asset Sale to Scope Technologies Corp.

Rhea-AI Summary

Plurilock Security Inc. (OTCQB: PLCKF) has completed the sale of its CloudCodes assets to Scope Technologies Corp. for a total consideration of $1.78 million, comprising both cash and Scope common shares. The transaction, initially announced on August 20, 2025, includes the sale of Plurilock Security Private Limited and related CloudCodes business assets.

As part of the deal, Plurilock issued 200,000 common shares at $0.20 per share to Canaccord Genuity Corp. as a $40,000 advisory fee. The strategic divestiture aligns with Plurilock's focus on Critical Services and its commitment to serving enterprise, defense, and public sector clients in North America and allied markets.

Positive

• Strategic divestiture valued at $1.78 million strengthens balance sheet
• Increased focus on core Critical Services business targeting high-value enterprise and defense clients
• Streamlined operations through elimination of non-core assets

Negative

• Dilution from issuance of 200,000 new shares for advisory fee

Vancouver, British Columbia--(Newsfile Corp. - September 10, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services provider, announces the closing of its previously disclosed asset purchase agreement dated August 20, 2025 with Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF) ("Scope") for the sale of certain CloudCodes assets (the "Transaction").

Under the terms of the Transaction, Scope has acquired Plurilock Security Private Limited and certain assets associated with the CloudCodes business. In exchange, Plurilock received total consideration valued at approximately $1,780,000, consisting of a combination of cash and common shares of Scope. In connection with the Transaction, the Company issued to Canaccord Genuity Corp. 200,000 common shares of the Company at a share price of $0.20 as an advisory fee of $40,000. All of the securities issued in connection with the Transaction will be subject to a hold period under applicable Canadian securities laws of four months and one day from the date of issuance.

The Transaction reflects Plurilock's continued execution of its strategic plan to concentrate on Critical Services, which represent the Company's primary growth driver. The divestiture also aligns with Plurilock's focus on serving large enterprise, defense, and public sector clients across North America and allied international markets.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265801

FAQ

What is the value of Plurilock's (PLCKF) CloudCodes asset sale to Scope Technologies?

The total consideration for the CloudCodes asset sale is valued at approximately $1.78 million, consisting of a combination of cash and Scope Technologies common shares.

What assets did Plurilock (PLCKF) sell to Scope Technologies?

Plurilock sold Plurilock Security Private Limited and certain assets associated with the CloudCodes business to Scope Technologies.

How many shares did Plurilock (PLCKF) issue to Canaccord Genuity as advisory fee?

Plurilock issued 200,000 common shares at $0.20 per share to Canaccord Genuity Corp., representing an advisory fee of $40,000.

What is Plurilock's (PLCKF) strategic focus after the CloudCodes sale?

Following the sale, Plurilock is focusing on its Critical Services business, serving large enterprise, defense, and public sector clients across North America and allied international markets.

What is the hold period for securities issued in the Plurilock (PLCKF) asset sale?

All securities issued in connection with the transaction are subject to a four-month and one-day hold period under applicable Canadian securities laws from the date of issuance.