11:29:12 EDT Fri 12 Jul 2024
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Plurilock Security Inc (2)
Symbol PLUR
Shares Issued 40,719,440
Close 2024-06-21 C$ 0.27
Market Cap C$ 10,994,249
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Plurilock hires sales, support staff

2024-06-22 00:59 ET - News Release

Mr. Ian Paterson reports


Plurilock Security Inc. has provided a business update, and the board of directors has adopted an omnibus incentive plan to replace the company's previous stock option plan and has approved the grant of restricted share units and incentive stock options to certain directors, officers, employees and consultants of the company pursuant to the omnibus plan.

Business update

As discussed in the use of proceeds for the financing announced April 1, 2024, Plurilock has hired additional sales and support staff. Three of the four sales additions Plurilock set out to hire with funds from the capital raise have joined the team: two channel account managers, one covering India and the other Latin America, along with one business development representative.

"Plurilock's critical services division is actively scaling its team to drive high-margin service delivery and [software-as-a-service] sales," said chief executive officer Ian Paterson. "Building on established client relationships, we are converting one-time engagements to recurring managed services. Plurilock recognizes the impact of geopolitical events on cybersecurity, and our service offerings are designed to adapt and protect clients facing evolving real-world threats. Our aim is to expand our reach beyond North America, focusing on multinational corporations facing complex business, technological and geopolitical risks, as we believe this presents a significant growth opportunity."

Plurilock AI DLP supported for use with GFI KerioConnect

The company also announces supported compatibility between its Plurilock AI DLP solution for single sign-on, cloud access security brokerage and data loss prevention, and KerioConnect, an e-mail and collaboration program by GFI and used by tens of thousands of small- and medium-sized businesses and small- and medium-sized enterprises worldwide for e-mail, calendaring and collaboration.

By deploying Plurilock AI DLP together with KeroConnect, businesses of all sizes can now secure, safeguard and support compliance requirements for their sensitive internal communication and collaboration data.

Plurilock adopts omnibus plan, and grants RSUs and options to directors, officers and consultants

The company announces it has adopted the omnibus plan, replacing its current stock option plan. The omnibus plan and all issuances granted under the omnibus plan are subject to TSX Venture Exchange approval and approval of shareholders, as well as approval from disinterested shareholders. Under the omnibus plan, the company has adopted a rolling 10-per-cent stock option plan and fixed 10-per-cent RSU plan. As of today's date, the current number of shares outstanding is 40,719,440, providing up to 4,071,944 options and up to 4,071,944 RSUs the company can issue under the omnibus plan.

Pursuant to the terms of the omnibus plan, Plurilock has granted 3.8 million RSUs to certain directors, officers and consultants of the company as part of its compensation plans. The RSUs have a one-year vesting period.

Plurilock has granted 3,490,900 stock options to certain directors, officers, consultants and employees, exercisable at 30 cents per share, for a period of five years from the date of grant.

Of the 3,490,900 options granted, 200,000 options were granted to investor relations consultants. Further to the news release dated May 2, 2024, wherein the company announced the entering into of an investor relations agreement with Sophic Capital Inc., the company has granted Sophic Capital 200,000 options exercisable at 30 cents per share, for a period of five years from the date of grant, which will vest in equal tranches quarterly over a 12-month period.

These grants were made to appropriately reward the previous and continuing contributions of the recipients and to encourage them to continue contributing significantly to Plurilock's success in future.

All grants of RSUs and options are pursuant to the new omnibus incentive plan, which shareholders will vote to approve at Plurilock's 2024 annual general meeting to be held on Aug. 14, 2024. The issuance of the RSUs and options is also subject to TSX Venture Exchange approval.

About Plurilock Security Inc.

Plurilock sells cybersecurity solutions to the U.S. and Canadian federal governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of critical services -- aiding clients with its expertise to defend against, detect and prevent costly data breaches and cyberattacks.

We seek Safe Harbor.

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