Plurilock Announces Contract with State of South Carolina to Expand Distribution Statewide

Rhea-AI Summary

Plurilock gains access to new territory and receives $791,000 purchase order from South Carolina state government agency.

Positive

• Plurilock becomes one of five vendors for select cybersecurity products in South Carolina
• Successful novation of contract validates expansion strategy

Negative

• None.

• The contract enables Plurilock to gain access to a new focus territory for future sales.
• Company is one of five approved providers of select cybersecurity products in the state of South Carolina.
• A local state government agency signed a US$791,000 purchase order with Plurilock.

Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries ("Plurilock" or the "Company"), an AI-driven cybersecurity solutions provider for workforces, is pleased to announce the successful novation of a contract with the State of South Carolina, which was won after an open bidding process by Atrion Communications, whose assets Plurilock successfully acquired in September 2022.

With the novation and under the terms of the contract, Plurilock becomes one of five vendors able to sell select cybersecurity products to the State of South Carolina for a five-year period. In addition, the Company has received and fulfilled a US$791,000 purchase order to provide cybersecurity solutions to a South Carolina state government agency.

"The contract and purchase order are a great validation of our ongoing strategy to expand our distribution across new regional markets through successful acquisitions," said Ian L. Paterson, CEO of Plurilock. "By executing on this strategy, we have become a provider of critical cybersecurity solutions to South Carolina, and we look forward to pursuing other business opportunities in this state moving forward."

About Plurilock

Plurilock secures workforces in the age of AI through its Plurilock AI platform, delivering advanced identity, data safety, and guard rails to safely implement AI solutions to commercial and government customers worldwide. With patented artificial intelligence and patented real-time identity confirmation technology, Plurilock AI enables zero-trust architecture and identity threat detection and response capabilities for regulated organizations with remote workforces. Through its Solutions Division, Plurilock aggregates world-class IT services and brings a comprehensive line of products that enable teams across North America and the globe to compute safely in a remote work world.

For more information, visit https://www.plurilock.com or contact:

Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566

Prit Singh
Investor Relations
prit.singh@plurilock.com
905.510.7636

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, the success of the Company in obtaining new or extended contracts or orders; the Company's ability to maintain existing customers or develop new customers; the Company's ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. 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.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179785