Plurilock Signs US$19.3 Million Contract with S&P 500 Semiconductor Company

Rhea-AI Summary

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) has secured a record-breaking US$19.3 million cybersecurity contract with an S&P 500 semiconductor company. This three-year deal, the largest in Plurilock's history, involves modernizing the customer's security operations stack using an AI-native cybersecurity platform. Plurilock will also provide two dedicated cybersecurity experts for 12 months to support integration and implementation.

The contract was secured through Plurilock's subsidiary, Aurora Systems Consulting, based on the strength of earlier Critical Services contracts. This achievement highlights Plurilock's strategy to expand into non-governmental sectors and demonstrates the successful integration of previous acquisitions. CEO Ian L. Paterson emphasized that this deal reflects the trust world-class organizations are placing in Plurilock's capabilities.

Positive

• Record-breaking US$19.3 million contract over three years
• Largest single transaction in company history
• Expansion into non-governmental sectors
• Demonstrates successful integration of previous acquisitions
• Provides dedicated cybersecurity experts for 12 months
• Contract with S&P 500 semiconductor company enhances credibility

Negative

• None.

News Market Reaction

+0.47%

1 alert

+0.47% News Effect

On the day this news was published, PLCKF gained 0.47%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Largest Sale in Company History to Modernize Security Stack for Global Enterprise Customer

• Record-breaking US$19.3 million contract over three years with S&P 500 semiconductor company

• Plurilock to re-platform the customer's security operations stack using leading AI-native cybersecurity platform and provide dedicated Critical Services team members for a 12-month period

• Largest single transaction in Plurilock's history, underscoring Company's strategy to expand into non-governmental sectors

Vancouver, British Columbia--(Newsfile Corp. - October 3, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces a record US$19.3 million cybersecurity contract with a semiconductor company (the "Customer") in the S&P 500 index, and a key player in worldwide semiconductor supply chains. The contract represents the largest single sale in Company history.

Under the terms of the contract, Plurilock will modernize and re-platform the Customer's security operations stack, leveraging the industry's leading AI-native cybersecurity platform to replace an aging array of partially integrated, high-overhead security solutions. The Company will also provide two dedicated cybersecurity experts from the Security Operations ("SecOps") practice of its Critical Services business unit for a 12-month period, to support the integration and smooth implementation of the new platform.

The contract was secured through Plurilock's subsidiary, Aurora Systems Consulting, and was awarded based on the strength of earlier Critical Services contracts, underscoring the synergies across Plurilock's businesses. The Company received the purchase order from the client on October 2, 2024.

"This record-breaking deal reflects Plurilock's strategy to expand revenue and margins from non-government clients and demonstrates that the integration of our previous acquisitions is delivering results," said Ian L. Paterson, CEO of Plurilock. "Being chosen to transform the security operations of a leading S&P 500 enterprise underscores the trust that world-class organizations are placing in our capabilities."

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/225410

FAQ

What is the value of Plurilock's (PLCKF) recent contract with the S&P 500 semiconductor company?

Plurilock (PLCKF) secured a record-breaking US$19.3 million cybersecurity contract with an S&P 500 semiconductor company.

How long is the duration of Plurilock's (PLCKF) new contract announced on October 3, 2024?

The contract announced by Plurilock (PLCKF) on October 3, 2024, is for a three-year period.

What services will Plurilock (PLCKF) provide under the new contract with the semiconductor company?

Plurilock (PLCKF) will modernize and re-platform the customer's security operations stack using an AI-native cybersecurity platform and provide two dedicated cybersecurity experts for 12 months.

Which Plurilock (PLCKF) subsidiary secured the US$19.3 million contract?

The US$19.3 million contract was secured through Plurilock's subsidiary, Aurora Systems Consulting.