- New offering, branded as 'Plurilock', integrates cloud security, identity assurance and access control capabilities
- Includes features from technology solutions including Plurilock CloudCodes and DEFEND
- Designed for the growing need for converged identity solutions in 'work from anywhere' businesses
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries ("Plurilock" or the "Company"), an identity-centric cybersecurity solutions provider for workforces, is pleased to announce that the Company has consolidated its existing technology offerings to launch its new flagship product platform, 'Plurilock'.
The new platform is designed for remote work sessions and consists of features from Plurilock's unique cloud security, identity access control and assurance solutions, namely Plurilock CloudCodes and DEFEND. This new offering is sold as a subscription package, in which customers can subscribe to more than one feature within this platform.
DEFEND is licensed to leading institutions across defense, technology and financial services around the world, most recently with the Canadian Department of National Defence, while Plurilock currently serves 300 customers and 200,000 users worldwide with its CloudCodes solution. With its growing sales pipeline, the Company decided to launch this new offering as it provides its customers with easier access to license other Plurilock product features.
"We are delighted to launch this new consolidated technology offering," said Ian L. Paterson, CEO of Plurilock. "The integration of various cybersecurity capabilities enables us to develop a comprehensive and robust platform that enables our customers to further strengthen their cyber defense through various verticals. With this new offering, we intend to fulfill the growing need for converged identity solutions in businesses that allow its employees to work remotely."
Furthermore, the Company is also pleased to announce that the Company has retained the services of Paradigm Capital Inc. ("Paradigm") as a non-exclusive financial advisor to assist the Company in advancing its capital markets strategy and M&A program. In consideration of the services provided by Paradigm, the Company will pay Paradigm a work fee equal to $10,000 per month payable in cash or common shares of the Company (the "Payment Shares"), at the sole discretion of the Company, for services provided, subject to the approval of the TSX Venture Exchange. The number and deemed price of the Payment Shares to be issued will be calculated using the closing price of the Company's common shares on the TSX Venture Exchange on each date on which the Payment Shares are to be issued. Paradigm is also entitled to certain cash fee upon completion of certain transactions or financings.
About Plurilock
Plurilock provides identity-centric cybersecurity for today's workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Roland Sartorius
Chief Financial Officer
roland.sartorius@plurilock.com
Prit Singh
Investor Relations
prit.singh@plurilock.com
905.510.7636
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, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143548
