Plurilock Receives US$2.5 Million Cybersecurity Sale Order from U.S. Hospital System

Rhea-AI Summary

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.

Vancouver, British Columbia--(Newsfile Corp. - January 24, 2024) - 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 that the Company has received a US$2.5 million three-year sale order from a U.S. hospital system (the "Customer").

The sale, which provides several key enterprise cybersecurity capabilities, further expands a solution that the company initially delivered to the hospital system in October 2022. The sale was completed through the company's Aurora East team, which was acquired as part of the Atrion Communications Inc. September 2022 asset acquisition.^[1]

Cybersecurity is an increasing concern for healthcare and hospital systems, which have seen a rapid rise in cybersecurity attacks in recent years, putting the healthcare data of millions of patients at risk^[2] and leading in part to New York State's proposed new cybersecurity rules for hospitals, published on December 6^th, 2023.^[3]

This increasing risk trend in healthcare matches the trend across virtually all industries and points to the growing importance of cybersecurity for organizations of all kinds, both in North America and beyond.

"We're excited to announce this US$2.5 million cybersecurity sale to a U.S. hospital system," said Ian L. Paterson, CEO of Plurilock. "With New York becoming the first to announce cybersecurity requirements for hospitals, we expect hospital systems across the U.S. to continue to accelerate their cybersecurity investments. This transaction's size, prominence, and the fact that it's a repeat order to expand previously delivered capabilities all showcase how Plurilock can help hospital systems stay secure, the effectiveness of Plurilock's exceptional Atrion team, and the broad success of our strategy to expand commercially through smart, laser-focused M&A activity."

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.ca.

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.

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^[1] https://plurilock.com/press-release/plurilocks-aurora-announces-closing-of-asset-purchase-agreement-with-atrion-communications-inc/

^[2] https://jamanetwork.com/journals/jama-health-forum/fullarticle/2799961

^[3] https://www.governor.ny.gov/news/governor-hochul-announces-proposed-cybersecurity-regulations-hospitals-throughout-new-york

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195297

FAQ

What is the value of the sale order announced by Plurilock Security Inc.?

The sale order announced by Plurilock Security Inc. is valued at US$2.5 million over three years.

What industry does Plurilock Security Inc. operate in?

Plurilock Security Inc. is an AI-driven cybersecurity solutions provider for workforces.

What is the ticker symbol for Plurilock Security Inc. on the OTCQB?

The ticker symbol for Plurilock Security Inc. on the OTCQB is PLCKF.

What recent cybersecurity rules for hospitals were published in New York State?

New York State's proposed new cybersecurity rules for hospitals were published on December 6th, 2023.

Who is the CEO of Plurilock Security Inc.?

The CEO of Plurilock Security Inc. is Ian L. Paterson.