Plurilock Secures US$1.1 Million Order from a Fortune 50 U.S. Conglomerate

Rhea-AI Summary

Plurilock Security (TSXV: PLUR) (OTCQB: PLCKF) has secured a three-year sales order worth US$1.1 million from a Fortune 50 U.S. conglomerate through its subsidiary, Aurora Systems Consulting. The contract, dated November 27, 2024, provides the customer with an IT performance management solution offering centralized visibility into user experience, application, network, infrastructure, and server performance.

The solution integrates network forensics, application analytics, and end-user experience monitoring into a unified platform, streamlining issue diagnosis and resolution across on-premise, virtual, and cloud environments. Revenue will be recognized according to a schedule over 3 years, with delivery and fulfillment expected to begin during Q4 2024.

Positive

• Secured significant US$1.1 million contract with Fortune 50 company
• Three-year revenue recognition provides stable income stream
• Contract demonstrates ability to compete in private sector
• Continuation of existing customer relationship indicates strong retention

Negative

• Revenue spread over three years rather than immediate recognition
• Gross margins expected to align with historical Solutions Division sales, indicating no margin improvement

• Showcases Plurilock's ability to deliver tailored network management solutions that address critical operational needs while demonstrating its competitiveness in winning business within the private sector

• Long-standing partnership with this Customer reflects the trust Plurilock has built and the ability to address complex visibility challenges

Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services and solutions provider, announces it received a three-year sales order for a total of US$1.1 million from a leading U.S. Fortune 50 conglomerate (the "Customer") dated November 27, 2024.

The contract was secured through the Company's subsidiary, Aurora Systems Consulting, with the revenue being recognized according to a schedule over 3 years. The agreement equips the Customer with an IT performance management solution offering centralized visibility into user experience, application, network, infrastructure, and server performance through robust data source tools. The Customer's Global Network Services team depends on multifunctional observability platforms to manage their Enterprise Network effectively.

"This engagement underscores the importance of providing robust network performance management solutions to large multinational enterprises," said Ian L. Paterson, CEO of Plurilock. "By integrating network forensics, application analytics, and end-user experience monitoring into a unified platform, Plurilock streamlines issue diagnosis and resolution while enabling centralized control across on-premise, virtual, and cloud environments. Our long-standing partnership with this Customer reflects the trust Plurilock has built and our ability to address complex visibility challenges. Plurilock remains committed to delivering advanced solutions that empower enterprises to optimize performance and safeguard their networks."

The contract, awarded after a thorough evaluation process, showcases Plurilock's ability to deliver tailored network management solutions that address critical operational needs while demonstrating its competitiveness in winning business within the private sector. In connection with this US$1.1 million sales order, Plurilock anticipates that both the expenses associated with fulfillment of this order 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. Plurilock expects delivery and fulfillment to begin during Q4 2024. 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/233297

FAQ

What is the value and duration of Plurilock's (PLCKF) latest contract with the Fortune 50 company?

Plurilock secured a three-year sales order worth US$1.1 million, with the contract dated November 27, 2024.

When will Plurilock (PLCKF) begin delivering on the US$1.1M Fortune 50 contract?

Plurilock expects to begin delivery and fulfillment during Q4 2024.

How will revenue be recognized for Plurilock's (PLCKF) US$1.1M Fortune 50 contract?

The revenue will be recognized according to a schedule over the three-year contract period.

What services will Plurilock (PLCKF) provide under the new Fortune 50 contract?

Plurilock will provide an IT performance management solution offering centralized visibility into user experience, application, network, infrastructure, and server performance through data source tools.