Plurilock Sec - PLCKF STOCK NEWS

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.

Plurilock Security Inc. (TSXV: PLUR) has successfully closed private placement financings totaling $5.5 million, issuing 22,500,000 units at $0.20 per unit and 4,444,443 units at $0.225. The funds will support the company's Business Transformation Plan and capital reorganization, focusing on reducing payables, working capital for marketing, and product development.

Plurilock Security Inc. announces the consolidation of its common shares on a 10:1 basis effective April 19, 2024. The total issued and outstanding number of shares post-consolidation will be approximately 10,294,845. Shareholders will receive new share certificates and fractional shares will be adjusted or cancelled.

Plurilock Security Inc. announces the launch of Plurilock Critical Services, a new division aimed at enhancing security and resiliency for multinational companies facing geopolitical and supply chain risks. The division will provide professional services in digital transformation, cyber engineering, cyber operations, and advisory services, leveraging the company's experience with Canadian and United States federal government work.

Plurilock Security Inc. announces a $2.5 million three-year sale order from a U.S. hospital system, showcasing the growing importance of cybersecurity in healthcare. The sale expands on previously delivered capabilities and highlights the success of the company's strategy to expand commercially through M&A activity.

Plurilock Security Inc. (PLUR) has secured a US$4.7 million sale order from a U.S. public library, reflecting the company's strategy to broaden revenue share and integrate acquisitions. The company will also issue shares to holders of its convertible debentures in satisfaction of interest payments.