Plurilock Secures $5.9 Million in New Contracts Across Federal and Public Sector Clients

Rhea-AI Summary

Plurilock Security (OTCQB: PLCKF) has secured $5.9 million in new contracts between March 14-31, 2025, demonstrating strong momentum in the public sector. The company landed significant multi-year agreements with U.S. and Canadian government agencies.

Key contract highlights include:

• Defense Information Systems Agency (DISA): $3.4M over 5 years for email solutions
• U.S. Navy: $149,300 for maintenance services
• U.S. Department of Energy: $271,300 for network infrastructure
• Health Canada: $1.4M over 3 years for VMWare solutions
• Additional Canadian contracts: $579,000 over 3 years for VMWare solutions and $150,000 for Critical Services

The company expects expenses and gross margins from these contracts to align with its historical Solutions Division hardware and system sales business, with delivery and fulfillment beginning in Q1 2025.

Positive

• Secured $5.9M in new contracts within just 17 days
• Multiple multi-year agreements providing stable, long-term revenue
• Strong presence in both U.S. and Canadian government sectors
• Largest contract includes 4 optional renewal years, potentially extending value
• Diversified revenue streams across different government agencies and services

Negative

• Gross margins expected to remain at historical levels, showing no improvement
• Majority of contracts are hardware/system sales with typically lower margins than services

• The contracts highlight Plurilock's ongoing momentum in the public sector
• Recent wins include multi-year U.S. Federal agreements and expanding Canadian Government business

Vancouver, British Columbia--(Newsfile Corp. - April 2, 2025) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity solutions provider, announces that it has closed $5.9 million in new contracts between March 14 and March 31, 2025, including multi-year agreements with key U.S. and Canadian Government agencies. All dollar figures are in Canadian dollars unless otherwise noted.

The contracts highlight Plurilock's ongoing momentum in the public sector, with recent wins spanning federal cybersecurity, infrastructure support, and IT services. Several agreements include optional renewal years, providing potential for additional long-term value.

Plurilock's recent contract wins include significant agreements with key federal and public sector clients, reinforcing its role as a trusted cybersecurity and IT provider. The Defense Information Systems Agency (DISA) awarded a multi-year contract for email solutions valued at $3.4 million over five years, supporting critical U.S. defense communications. The U.S. Navy secured $149,300 in maintenance services, ensuring the reliability of its IT infrastructure. Additionally, the U.S. Department of Energy awarded a $271,300 contract for network infrastructure, further highlighting Plurilock's expertise in securing critical government systems. In Canada, Health Canada awarded a $1.4 million contract for VMWare solutions, strengthening its secure computing environment.

Summary of Recent Contracts:

U.S. Government

• $3.4 million over five years (one year base plus four option years) for email solutions
• $149,300 for maintenance services
• $271,300 for network infrastructure

Canadian Government

• $1.4 million over three years (one year base plus two option years) for VMware solutions
• $579,000 over three years (one year base plus two option years) for VMware solutions
• $150,000 for an extended contract for Critical Services

"Securing nearly $6 million in recent business, including multi-year U.S. federal agreements, reinforces Plurilock's strong position as a trusted cybersecurity and IT provider for government and public sector clients," said Ian L. Paterson, CEO of Plurilock. "With growing demand for advanced security and infrastructure solutions, we remain focused on leveraging our expertise and strong customer relationships to expand our presence across both U.S. and Canadian government agencies."

In connection with $5,799,600 million in sales, Plurilock anticipates that both the expenses associated with fulfillment of these orders and the gross margin will be consistent with the Company's historic Solutions Division hardware and system sales business as previously reported in the Company's most recent MD&A. In connection with $150,000 in sales, Plurilock anticipates that both the expenses associated with fulfillment of these sales and the gross margin will be consistent with the Company's historic Professional Services business as previously reported in the Company's most recent MD&A. Plurilock began delivery and fulfillment during Q1 2025. Further details with respect to the terms of the contract are subject to confidentiality and non-disclosure.

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/247040

FAQ

What is the total value of new contracts secured by Plurilock (PLCKF) in March 2025?

Plurilock secured $5.9 million in new contracts between March 14-31, 2025.

What is the largest contract Plurilock (PLCKF) received among the March 2025 awards?

The largest contract is a $3.4 million five-year agreement with DISA for email solutions.

How much business did Plurilock (PLCKF) secure from Canadian government agencies?

Plurilock secured approximately $2.13 million in Canadian government contracts, including $1.4M from Health Canada.

When will Plurilock (PLCKF) begin fulfilling these new contracts?

Plurilock began delivery and fulfillment during Q1 2025.

What types of services is Plurilock (PLCKF) providing under these new contracts?

Services include email solutions, maintenance services, network infrastructure, VMWare solutions, and critical services.