- The Customer will renew its subscription to Plurilock AI Cloud for 5,800 users.
- New cybersecurity project will further integrate Plurilock’s flagship product into the Customer’s operating environment and existing workflows.
Vancouver, British Columbia– July 12, 2023 – Plurilock Security Inc. (TSXV:PLUR) (OTCQB:PLCKF) and related subsidiaries (“Plurilock” or the “Company“), an identity-centric cybersecurity solutions provider for workforces, announced today that the Company has signed a contract renewal for its flagship product, Plurilock AI, with one of India’s largest airlines (the “Customer“).
According to the terms of the contract, the Customer will renew its subscription to Plurilock AI Cloud, which features Single-Sign On and Access Controls for cloud applications, for 5,800 users. In addition, the contract also includes the launch of a new cybersecurity project, which will further integrate Plurilock AI Cloud into their operating environment and existing workflows. The project comprises custom development work that enables the Company’s flagship product to provide additional automatic provisioning, de-provisioning and account synchronization across cloud services.
“We are pleased to have established a strong business relationship with an overseas airline of this caliber,” said Ian L. Paterson, CEO of Plurilock. “Our goal is to be well-positioned as a leading provider of AI-driven cybersecurity solutions to organizations across different key industry verticals. We look forward to working with the Customer in ensuring their security requirements are met and protecting their business systems against cyber threats.”
Additional Subscription to the Private Placement
The Company also wishes to announce that, further to its news release dated June 28, 2023, the Company has accepted one additional subscription (the “Additional Subscription“) for 100,000 units of the Company (“Units“) at a price of $0.145 per Unit, for gross proceeds of $14,500 (the “Private Placement“). The aggregate gross proceeds raised under all tranches of the Private Placement totaled approximately $1,661,305.
Each Unit consists of one common share in the capital of the Company (a “Share“) and one common share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional share (a “Warrant Share“) at a price of $0.20 per Warrant Share for a period of 48 months from the closing date of the Private Placement, provided that if the volume weighted average closing price of the Shares on the TSX Venture Exchange (or such other stock exchange on which the Shares are traded) is equal to or greater than $0.25 for any ten consecutive trading days, the Company may at its option to elect to accelerate the expiry of the Warrants by providing notice to the holders thereof, in which case the Warrants will expire thirty calendar days following delivery of such notice.
In connection with the Additional Subscription, the Company paid an arm’s length finder (the “Finder“) $1,015 and issued 7,000 finder’s warrants, representing 7% of the proceeds raised from those purchasers introduced by such Finder and 7% of the total number of Units sold to investors introduced by such Finder, which provide that such Finder may acquire Shares at $0.145 per Finder’s Warrant Share for a period of 48 months from the date of issuance.
The Company intends to use the proceeds raised from the Private Placement for general corporate purposes and market awareness advertising.
Plurilock secures workforces, delivering least privilege access management and advanced IT solutions to commercial and government customers worldwide. With industry-leading artificial intelligence and patented real-time identity confirmation technology, Plurilock combines next-generation cybersecurity with a comprehensive line of products and services 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
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.sedar.com.
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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