02:30:53 EDT Fri 14 Jun 2024
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Plurilock Security Inc
Symbol PLUR
Shares Issued 102,000,000
Close 2024-01-03 C$ 0.06
Market Cap C$ 6,120,000
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Plurilock receives $4.7M (U.S.) order from U.S. library

2024-01-03 12:03 ET - News Release

Mr. Ian Paterson reports


Plurilock Security Inc. has received a $4.7-million (U.S.), five-year sale order from a U.S. public library.

The sale represents the latest transaction in a series of orders between Plurilock and customers within the U.S. public sector in recent months. As part of the company's sales strategy, Plurilock intends to expand its revenue share and increase the number of opportunities to upsell high-margin offerings. According to the terms of the order, the company will deliver cybersecurity solutions to the customer.

"We are pleased to secure a $4.7-million (U.S.) sale order with the customer," said Ian L. Paterson, chief executive officer of Plurilock. "This sale reflects our strategy of broadening our revenue share that we sell to non-federal clients and a reflection of the work we have done to integrate our acquisitions and streamline efficiencies to secure large purchase orders."

Pursuant to the indenture between the company and Computershare Trust Company of Canada dated Aug. 15, 2022, as supplemented by the first supplemental indenture dated Sept. 20, 2022, governing the 10 per cent unsecured convertible debentures in the principal amount of $1,245,000 previously issued on Aug. 15, 2022, and the 10 per cent unsecured convertible debentures in the principal amount of $285,000 previously issued on Sept. 20, 2022, the company will issue shares in satisfaction of interest payments on the outstanding debentures.

The company will issue an aggregate of $75,537 worth of shares at the closing market price on Dec. 29, 2023, to holders of the debentures in satisfaction of an aggregate of $75,537 in interest payable as of Dec. 31, 2023. Issuance of the shares is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the interest payments will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.

About Plurilock Security Inc.

Plurilock secures work forces in the age of AI (artificial intelligence) through its Plurilock AI platform, delivering advanced identity, data safety and guard rails to safely implement AI solutions to commercial and government customers worldwide. With patented artificial intelligence and patented real-time identity confirmation technology, Plurilock AI enables zero-trust architecture and identity threat detection and response capabilities for regulated organizations with remote work forces. Through its solutions division, Plurilock aggregates world-class IT (information technology) services and brings a comprehensive line of products that enable teams across North America and the globe to compute safely in a remote work world.

We seek Safe Harbor.

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