Plurilock Announces US$1.7 Million Cybersecurity Sale to Major Semiconductor Manufacturer

Rhea-AI Summary

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) has secured a US$1.7 million sale with an existing client, a major semiconductor manufacturer. The sale, awarded through Plurilock's Aurora Systems Consulting division, builds on the success of previous work and will enhance the customer's cybersecurity infrastructure. This expansion validates Plurilock's strategy of winning large, high-value customers and growing relationships through consistent, high-quality services.

Additionally, Plurilock announced that as of October 1, 2024, warrants were exercised to purchase 13,627,613 common shares at an average price of $0.26, adding $3,595,644 to the Company's Treasury. This follows a previous warrant exercise announcement on August 28, 2024, for 8,038,946 shares at an average price of $0.27 per share, generating gross proceeds of $2,190,949.

Positive

• Secured a US$1.7 million cybersecurity sale with a major semiconductor manufacturer
• Expanded partnership with an existing high-value customer
• Warrants exercised for 13,627,613 common shares, adding $3,595,644 to the Treasury
• Previous warrant exercise in August 2024 generated $2,190,949 in gross proceeds

Negative

• None.

Company Announces More Warrants Exercised

• Existing high tech manufacturing customer that first engaged Plurilock last fall
• Validation of Plurilock's strategy of winning large, high-value customers and expanding those relationships by delivering consistent, high-quality services and solutions

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces that it has secured a new US$1.7 million sale with an existing client, a major semiconductor manufacturer. The customer, a prominent industry leader, initially began working with Plurilock Critical Services last fall.

The sale, awarded through the Company's Aurora Systems Consulting division, is based on the success of previous work delivered by Plurilock and will further enhance the customer's cybersecurity infrastructure.

"The expansion of our partnership with this major semiconductor manufacturer demonstrates the efficacy of both our Critical Services and Aurora Systems Consulting," said Ian L. Paterson, CEO of Plurilock. "This new contract is a testament to the strength of our solutions and the results we have delivered. It also highlights our ability to expand contracts with satisfied clients over time as we continue to build trust through successful engagements."

Warrants Exercised

Management is pleased to announce that as of October 1, 2024 warrants were exercised to purchase 13,627,613 of the Company's common shares at an average price of $0.26, adding $3,595,644 to the Company's Treasury. This is an increase from the August 28, 2024 announcement that warrants were exercised to purchase 8,038,946 shares of the Company's common stock at an (average) exercise price of $0.27 per share for gross proceeds of $2,190,949.

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/225747

FAQ

What is the value of Plurilock's (PLCKF) new cybersecurity sale?

Plurilock Security Inc. (PLCKF) secured a new US$1.7 million cybersecurity sale with an existing client, a major semiconductor manufacturer.

How many warrants were exercised for Plurilock (PLCKF) as of October 1, 2024?

As of October 1, 2024, warrants were exercised to purchase 13,627,613 of Plurilock's (PLCKF) common shares at an average price of $0.26, adding $3,595,644 to the Company's Treasury.

Which division of Plurilock (PLCKF) was awarded the new cybersecurity contract?

The US$1.7 million sale was awarded through Plurilock's Aurora Systems Consulting division.

When did Plurilock (PLCKF) first engage with the semiconductor manufacturer client?

The semiconductor manufacturer client first engaged with Plurilock Critical Services last fall, prior to this new US$1.7 million sale.