- 9-month agreement expands existing partnership, with potential for additional extensions
- Plurilock Critical Services team to implement advanced AI solutions and network infrastructure
- New contract reinforces Plurilock's margin expansion strategy and "Land and Expand" approach
Vancouver, British Columbia--(Newsfile Corp. - November 26, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF), a global cybersecurity services and solutions provider, today announced a significant follow-on contract valued at US$1.2 million with an existing NASDAQ-listed semiconductor client. This 9-month contract strengthens the Company's existing relationship with the client and underscores the success of Plurilock's "land-and-expand" strategy to deepen customer engagements and drive high-margin growth.
Under this agreement, Plurilock Critical Services (PLCS) team will implement Zero Trust Architecture, delivering comprehensive cybersecurity services including next-generation AI-driven solutions and robust network infrastructure enhancements. The project scope will encompass a full-service engagement, beginning with an in-depth discovery phase, followed by solution design, implementation, and ongoing support. Key focus areas will include network security policy development, threat mitigation, and disaster recovery planning.
In connection with this US$1.2 million sales order, the Company anticipates that both the expenses associated with fulfillment of this order and the gross margin will be consistent with the Company's Professional Services as previously reported in the Company MD&A. The Company expects delivery and fulfillment to begin during Q4 2024. Further details with respect to the terms of the contract are subject to confidentiality and non-disclosure.
The U.S. Government's push to modernize its cybersecurity strategy with a focus on Zero Trust Architecture presents a significant opportunity for Plurilock. As agencies and businesses are mandated to adopt more secure, resilient systems, the demand for advanced, custom solutions from PLCS increases. Plurilock's expertise in areas such as threat monitoring, identity verification, and secure access solutions aligns perfectly with the Government's goal of implementing Zero Trust principles, which prioritize continuous verification and minimizing attack surfaces.
"Our Zero Trust practice continues to attract significant contracts for Plurilock Critical Services, with a reputation for excellence in protecting the sensitive data and intellectual property of top-tier enterprises," said Ian L. Paterson, CEO of Plurilock. "This expanded engagement is a powerful endorsement of our team's value, as our client has extended their trust in us for significant follow-on implementation services. Our strategy to embed skilled personnel on-site supports our 'land-and-expand' model, positioning us to drive further growth and margins within our existing client base."
About Plurilock
Plurilock sells cybersecurity solutions to the United States and Canadian Federal Governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of Critical Services-aiding clients with our expertise to defend against, detect, and prevent costly data breaches and cyberattacks.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
Sean Peasgood
Investor Relations
sean@sophiccapital.com
647.953.5607
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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, and unforeseen events and developments. 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.sedarplus.ca.
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SOURCE: Plurilock Security Inc.
