Plurilock Wins US$1.1 Million Contract with U.S. Agency

Rhea-AI Summary

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) has secured a US$1.1 million contract with the U.S. International Development Finance (DFC) to provide contract lifecycle management (CLM) software. The deal, awarded through Plurilock's Aurora Systems Consulting subsidiary, includes a ~US$221,000 base first year and four subsequent option years for similar amounts.

The contract focuses on cloud-based software, addressing the critical need for robust cybersecurity measures in cloud environments. Plurilock's CEO, Ian L. Paterson, emphasized the company's role in enabling secure cloud solutions for faster collaboration and negotiation. This strategic move aligns with the growing demand for cloud-based security solutions that offer enhanced protection, scalability, and cost-effectiveness.

Positive

• Secured a US$1.1 million contract with a U.S. government agency
• Contract includes a base year of ~US$221,000 with four option years
• Expands presence in the growing cloud-based cybersecurity market
• Demonstrates ability to win contracts with high-profile government clients

Negative

• Contract value spread over five years, not immediate revenue
• Subsequent years are option years, not guaranteed revenue

• U.S. International Development Finance Corporation mobilizes private capital to invest in impactful global development, advancing U.S. foreign policy, and generating returns for American taxpayers
• Plurilock is enabling the adoption of secure cloud solutions so organizations can collaborate and negotiate faster

Vancouver, British Columbia--(Newsfile Corp. - September 3, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces that it has been awarded a contract to deliver contract lifecycle management ("CLM") software to the U.S. International Development Finance Corporation ("DFC" or the "Customer").

The contract, which includes a ~US$221,000 base first year and four subsequent option years for similar amounts, is for cloud software. Organizations face significant risks if their cloud data is compromised. These risks include financial losses, damage to their reputation, and disruptions to business operations. Adopting cloud technology is a strategic imperative for organizations seeking to improve cybersecurity and efficiency. Cloud-based security solutions offer robust protection, scalability, and cost-effectiveness. By using the cloud, organizations can better defend against data breaches, compliance issues, and data loss. The contract was awarded through Aurora Systems Consulting subsidiary.

"Plurilock is enabling the adoption of secure cloud solutions so organizations can collaborate and negotiate faster," said Ian L. Paterson, CEO of Plurilock. "A cloud-centric cybersecurity strategy demonstrates a commitment to client confidentiality, legal integrity, and business success. The shift towards cloud-based technologies can introduce new complexities that IT teams may not be equipped to handle, and these complexities can create vulnerabilities if not properly addressed. Our customers trust us with their cybersecurity needs, and Plurilock will continue to provide the cloud architecture required for data protection, data privacy, and corporate survival."

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/221884

FAQ

What is the total value of the contract Plurilock (PLCKF) won with the U.S. agency?

Plurilock (PLCKF) won a contract worth US$1.1 million with the U.S. International Development Finance (DFC).

What type of software is Plurilock (PLCKF) providing under this contract?

Plurilock (PLCKF) is providing contract lifecycle management (CLM) software, which is cloud-based, to the U.S. International Development Finance

How is the US$1.1 million contract for Plurilock (PLCKF) structured?

The contract is structured with a base first year of approximately US$221,000 and four subsequent option years for similar amounts.

Which Plurilock (PLCKF) subsidiary was awarded this contract?

The contract was awarded through Plurilock's Aurora Systems Consulting subsidiary.