Plurilock Receives US$4.7 Million Sale Order from U.S. Public Library

Rhea-AI Summary

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.

Vancouver, British Columbia--(Newsfile Corp. - January 3, 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$4.7 million five-year sale order from a U.S. public library (the "Customer").

The sale represents the latest transaction in a series of orders between Plurilock and customers within the U.S. public sector in recent months. As part of the Company's sales strategy, Plurilock intends to expand its revenue share and increase the number of opportunities to upsell high-margin offerings. According to the terms of the order, the Company will deliver cybersecurity solutions to the Customer.

"We are pleased to secure a US$4.7 million sale order with the Customer," said Ian L. Paterson, CEO of Plurilock. "This sale reflects our strategy of broadening our revenue share that we sell to non-federal clients and a reflection of the work we have done to integrate our acquisitions and streamline efficiencies to secure large purchase orders."

The Company is also pleased to announce that, pursuant to the indenture between the Company and Computershare Trust Company of Canada dated August 15, 2022, as supplemented by the first supplemental indenture dated September 20, 2022 (collectively, the "Indenture") governing the 10% unsecured convertible debentures in the principal amount of $1,245,000 (the "August Debentures") previously issued on August 15, 2022, and the 10% unsecured convertible debentures in the principal amount of $285,000 (the "September Debentures" and with the August Debentures, the "Debentures") previously issued on September 20, 2022, the Company will issue Shares in satisfaction of interest payments on the outstanding Debentures (the "Interest Payments").

The Company will issue an aggregate of $75,537 worth of Shares at the closing market price on December 29, 2023 to holders of the Debentures in satisfaction of an aggregate of $75,537 in interest payable as of December 31, 2023. Issuance of the Shares is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the Interest Payments will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193038

FAQ

What is the recent sale order secured by Plurilock Security Inc. (PLUR)?

Plurilock Security Inc. (PLUR) has secured a US$4.7 million sale order from a U.S. public library.

What is Plurilock's strategy related to the recent sale order?

The sale reflects Plurilock's strategy of broadening its revenue share and integrating acquisitions.

How will Plurilock satisfy interest payments on its convertible debentures?

Plurilock will issue shares to holders of its convertible debentures in satisfaction of interest payments.