PLURILOCK SEC INC - PLCKF STOCK NEWS

Plurilock Security has expanded its engagement with a major semiconductor company listed on the S&P 500 and Nasdaq 100 indexes. The new contract, signed on June 26, 2024, increases the revenue value of the existing relationship by an additional US$294,000. Plurilock's Critical Services team will provide a range of cybersecurity services, including Zero Trust, Offensive Security, and Security Operations. According to CEO Ian L. Paterson, this expansion highlights the quality of Plurilock's work and aligns with the company's strategy to grow by deepening relationships with existing clients.

Plurilock Security announced a change of auditor, appointing MNP LLP effective July 2, 2024. The change followed the resignation of Forvis Mazars LLP. There were no reservations reported during the tenure of the former auditor.

The company converted $1,070,000 worth of 10% unsecured convertible debentures into 4,280,000 common shares, resulting in the issuance of 4,280,000 inducement warrants, each allowing the purchase of a common share at $0.30 within one year. $450,000 of debentures remain outstanding. Additionally, 74,995 shares were issued to settle an interest payment at $0.30 per share.

Plurilock clarified the terms of their campaign agreement with Social Network Effect Communications, detailing payments totaling $532,272 for services, subject to TSX Venture Exchange approval. The agreement will end on November 30, 2024.

Lastly, Plurilock plans to issue 400,326 shares to board member Ali Hakimzadeh at $0.50 per share, subject to a holding period.

Plurilock Security has secured a three-year contract worth US$814,000 to provide cloud and data security solutions to a major global laboratory data and advisory firm. The contract, awarded through its Aurora subsidiary, will enable the customer to enhance its security posture management across cloud applications and data. CEO Ian L. Paterson highlighted the company's focus on addressing growing compliance concerns and cybersecurity threats, and noted recent additions to the sales team to promote higher-margin products and services. This contract reinforces Plurilock's commitment to delivering essential security solutions to its existing customer base.

Plurilock Security (TSXV: PLUR, OTCQB: PLCKF) announced a business update and the adoption of an Omnibus Incentive Plan to replace its previous stock option plan. The company has expanded its sales and support teams, hiring three new members focusing on India and Latin America. CEO Ian Paterson highlighted the need to adapt to geopolitical cybersecurity threats and expand services beyond North America. Plurilock also announced compatibility between its AI DLP solution and KerioConnect, enhancing security for SMBs and SMEs. Under the new Omnibus Plan, Plurilock granted 3,800,000 restricted share units and 3,490,900 stock options to directors, officers, and consultants, pending shareholder and TSXV approval.

Plurilock Security has secured a significant contract with the U.S. Treasury valued at US$6.16 million over five years. This contract includes an initial US$1.07 million base for the first year, with four optional extension years through Q4 2028. The agreement, facilitated by Aurora Systems Consulting, involves the provision of Microsoft Unified services and AI Azure support. Plurilock CEO Ian L. Paterson highlighted the importance of this deal in enhancing cybersecurity for public and private organizations and strengthening relations with large, stable government clients.

Plurilock Security Inc. announced its financial results for Q1 Fiscal 2024, reporting increased gross margins and growth in services. Gross margin rose to $2.5 million, or 21.9% of sales, up from $2.1 million, or 13.6%, in Q1 2023. Services sales grew by 66% to $1.0 million. Revenue for the quarter was $11.57 million, down from $15.77 million in Q1 2023, mainly due to the timing of large orders and lower volume from the Integra acquisition. Adjusted EBITDA improved to a loss of $0.4 million, and cash and cash equivalents were $0.63 million. Major orders included a $4.7 million sale to a US public library and a $2.5 million cybersecurity order from a US hospital system. The company aims to achieve cash flow breakeven by growing its Critical Services and improving efficiencies, expecting $2.0 million in annual savings.

Plurilock Security has received TSX Venture Exchange approval to amend the terms of its unsecured convertible debentures issued in 2022. From May 27, 2024, to June 26, 2024, the conversion price of these debentures will be reduced from $2.00 to $0.25 per share. Debenture holders converting during this period will receive new warrants allowing them to purchase shares at $0.30 for one year. Additionally, Plurilock settled $218,552.50 of debt by issuing 1,092,762 units at $0.20 per unit. Each unit includes one common share and a warrant to buy an additional share at $0.25 in the first year or $0.40 in the second year. The company has also launched an investor relations campaign with Social Network Effect Communications, costing US$432,272, and clarified terms for its private placement finders' warrants.

Plurilock announced a CA$900,000 sale of edge and network security solutions to a key Canadian government agency, enhancing high-security networks. The company also engaged Investor Relations Service Providers to increase public awareness and investor relations.

Plurilock Security Inc. reports fiscal 2023 financial results, showing total revenue of $70.4 million, a 9% increase year-over-year. Gross margins improved to 8.3% from 7.7%. The Company focused on cash flow breakeven by expanding Plurilock Critical Services, achieving cost savings of $494k. Annual highlights include significant contracts with government agencies and commercial clients. The growth outlook for 2024 includes further operational efficiencies and savings of $2.0 million annually. Plurilock made strategic appointments to the board and announced plans for a share consolidation and financing to raise $4,500,000.