Plurilock Scales Critical Services Sales and Support Staff; Company Announces RSU and Options Grants

Rhea-AI Summary

Plurilock Security (TSXV: PLUR, OTCQB: PLCKF) announced a business update and the adoption of an Omnibus Incentive Plan to replace its previous stock option plan. The company has expanded its sales and support teams, hiring three new members focusing on India and Latin America. CEO Ian Paterson highlighted the need to adapt to geopolitical cybersecurity threats and expand services beyond North America. Plurilock also announced compatibility between its AI DLP solution and KerioConnect, enhancing security for SMBs and SMEs. Under the new Omnibus Plan, Plurilock granted 3,800,000 restricted share units and 3,490,900 stock options to directors, officers, and consultants, pending shareholder and TSXV approval.

Positive

• Hired three new sales and support staff to bolster international growth.
• New Omnibus Incentive Plan allows up to 4,071,944 options and RSUs issuance.
• Compatibility of AI DLP solution with KerioConnect expands market potential.
• Granted 3,800,000 RSUs and 3,490,900 stock options to reward and motivate key personnel.

Negative

• All grants and plan approvals are subject to TSXV and shareholder approval.
• Geopolitical cybersecurity threats present ongoing business risks.

Vancouver, British Columbia--(Newsfile Corp. - June 21, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, provides a business update and announces that the Board of Directors has adopted an Omnibus Incentive Plan (the "Omnibus Plan") to replace the Company's previous stock option plan and approved the grant of restricted share units (the "RSUs") and incentive stock options (the "Options") to certain directors, officers, employees, and consultants of the Company pursuant to the Omnibus Plan.

Business Update

As discussed in the use of proceeds for the financing announced April 1, 2024, Plurilock has hired additional sales and support staff. Three of the four sales additions Plurilock set out to hire with funds from the capital raise have joined the team; two Channel Account Managers, one covering India and the other Latin America, along with one Business Development representative.

"Plurilock's Critical Services Division is actively scaling its team, to drive high-margin service delivery and SaaS sales," said CEO Ian Paterson. "Building on established client relationships, we are converting one-time engagements to recurring managed services. Plurilock recognizes the impact of geopolitical events on cybersecurity and our service offerings are designed to adapt and protect clients facing evolving real-world threats. Our aim is to expand our reach beyond North America, focusing on multinational corporations facing complex business, technological, and geopolitical risks as we believe this presents a significant growth opportunity."

Plurilock AI DLP Supported for Use With GFI KerioConnect

The Company also announces supported compatibility between its Plurilock AI DLP solution for single sign-on (SSO), cloud access security brokerage (CASB), and data loss prevention (DLP), and KerioConnect, an email and collaboration program by GFI and used by tens of thousandsⁱ of SMBs and SMEs worldwide for email, calendaring, and collaboration.

By deploying Plurilock AI DLP together with KeroConnect, businesses of all sizes can now secure, safeguard, and support compliance requirements for their sensitive internal communication and collaboration data.

Plurilock Adopts Omnibus Plan and Grants RSUs and Options to Directors, Officers and Consultants

The Company announces it has adopted the Omnibus Plan, replacing its current stock option plan. The Omnibus Plan and all issuances granted under the Omnibus Plan are subject to TSXV approval and approval of shareholders, as well as approval from disinterested shareholders. Under the Omnibus Plan, the Company has adopted a rolling 10% stock option plan and fixed 10% RSU plan. As of today's date, the current number of shares outstanding is 40,719,440 providing up to 4,071,944 options and up to 4,071,944 RSUs the Company can issue under the Omnibus Plan.

Pursuant to the terms of the Omnibus Plan, Plurilock has granted 3,800,000 RSUs to certain directors, officers, and consultants of the Company as part of their compensation plans. The RSUs have a 1 year vesting period.

Plurilock has granted 3,490,900 stock options to certain directors, officers, consultants and employees, exercisable at $0.30 per share, for a period of five years from the date of grant.

Of the 3,490,900 options granted, 200,000 options were granted to Investor Relations Consultants. Further to the news release dated May 2, 2024 wherein the Company announced the entering into an investor relations agreement with Sophic Capital Inc., the Company has granted Sophic Capital 200,000 options exercisable at $0.30 per share, for a period of 5 years from the date of grant, and will vest in equal tranches quarterly over a twelve month period.

These grants were made to appropriately reward the previous and ongoing contributions of the recipients and to encourage them to continue contributing significantly to Plurilock's success in future.

All grants of RSUs and Options are pursuant to the new Omnibus Incentive Plan, which shareholders will vote to approve at Plurilock's 2024 annual general meeting to be held on August 14, 2024. The issuance of the RSUs and Options are also subject to TSX Venture Exchange approval.

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.

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ⁱhttps://www.gfi.com/products-and-solutions/email-and-messaging-solutions/kerioconnect

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214074

FAQ

What new staff has Plurilock hired recently?

Plurilock has hired three new sales and support staff members: two Channel Account Managers for India and Latin America, and one Business Development representative.

What is the Omnibus Incentive Plan announced by Plurilock?

The Omnibus Incentive Plan replaces Plurilock's previous stock option plan and allows for the issuance of up to 4,071,944 options and 4,071,944 RSUs.

What is the stock symbol for Plurilock?

Plurilock's stock symbol is PLCKF on the OTCQB market.

What are the terms of the stock options granted by Plurilock under the Omnibus Plan?

Plurilock has granted 3,490,900 stock options exercisable at $0.30 per share for a period of five years, subject to TSXV and shareholder approval.

How is Plurilock addressing geopolitical cybersecurity threats?

Plurilock is expanding its Critical Services Division to offer high-margin service delivery and SaaS sales, focusing on multinational corporations facing complex risks.

What compatibility announcement did Plurilock make?

Plurilock announced compatibility between its AI DLP solution and KerioConnect, enhancing security for SMBs and SMEs.