Mr. Ian Paterson reports

PLURILOCK SIGNS CONTRACT FOR RENEWAL AND NEW CYBERSECURITY PROJECT FOR PLURILOCK AI CLOUD WITH LEADING OVERSEAS AIRLINE

Plurilock Security Inc. has signed a contract renewal for its flagship product, Plurilock AI, with one of India's largest airlines.

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 the customer's operating environment and existing workflows. The project comprises custom development work that enables the company's flagship product to provide additional automatic provisioning, deprovisioning and account synchronization across cloud services.

"We are pleased to have established a strong business relationship with an overseas airline of this calibre," said Ian L. Paterson, chief executive officer 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 cyberthreats."

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 for 100,000 units of the company at a price of 14.5 cents per unit, for gross proceeds of $14,500. The aggregate gross proceeds raised under all tranches of the private placement totalled approximately $1,661,305.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional share at a price of 20 cents 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 25 cents for any 10 consecutive trading days, the company may, at its option, elect to accelerate the expiry of the warrants by providing notice to the holders thereof, in which case the warrants will expire 30 calendar days following delivery of such notice.

In connection with the additional subscription, the company paid an arm's-length finder $1,015 and issued 7,000 finder's warrants, representing 7 per cent of the proceeds raised from those purchasers introduced by such finder and 7 per cent of the total number of units sold to investors introduced by such finder, which provide that such finder may acquire shares at 14.5 cents 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.

About Plurilock Security Inc.

Plurilock secures work forces, delivering least privilege access management and advanced information technology 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.

We seek Safe Harbor.