- The Customer will renew its subscription to Plurilock AI Cloud for 5,800 users.
- New cybersecurity project will further integrate Plurilock’s flagship product into the Customer’s operating environment and existing workflows.
Vancouver, British Columbia– July 12, 2023 – Plurilock Security Inc. (TSXV:PLUR) (OTCQB:PLCKF) and related subsidiaries (“Plurilock” or the “Company“), an identity-centric cybersecurity solutions provider for workforces, announced today that the Company has signed a contract renewal for its flagship product, Plurilock AI, with one of India’s largest airlines (the “Customer“).
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 their operating environment and existing workflows. The project comprises custom development work that enables the Company’s flagship product to provide additional automatic provisioning, de-provisioning and account synchronization across cloud services.
“We are pleased to have established a strong business relationship with an overseas airline of this caliber,” said Ian L. Paterson, CEO 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 cyber threats.”
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 (the “Additional Subscription“) for 100,000 units of the Company (“Units“) at a price of $0.145 per Unit, for gross proceeds of $14,500 (the “Private Placement“). The aggregate gross proceeds raised under all tranches of the Private Placement totaled approximately $1,661,305.
Each Unit consists of one common share in the capital of the Company (a “Share“) and one common share purchase warrant (a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional share (a “Warrant Share“) at a price of $0.20 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 $0.25 for any ten consecutive trading days, the Company may at its option to elect to accelerate the expiry of the Warrants by providing notice to the holders thereof, in which case the Warrants will expire thirty calendar days following delivery of such notice.
In connection with the Additional Subscription, the Company paid an arm’s length finder (the “Finder“) $1,015 and issued 7,000 finder’s warrants, representing 7% of the proceeds raised from those purchasers introduced by such Finder and 7% of the total number of Units sold to investors introduced by such Finder, which provide that such Finder may acquire Shares at $0.145 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
Plurilock secures workforces, delivering least privilege access management and advanced IT 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.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
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.
Featured Image @ FreePik
Disclosure:
1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.
2) The Article was issued on behalf of and sponsored by, Plurilock Security Inc. Market Jar Media Inc. has or expects to receive from Plurilock Security Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) seventy seven thousand two hundred USD for 16 days (11 business days).
3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.
4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on pressreach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on pressreach.com.
5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.
6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Plurilock Security Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Plurilock Security Inc.’s industry; (b) market opportunity; (c) Plurilock Security Inc.’s business plans and strategies; (d) services that Plurilock Security Inc. intends to offer; (e) Plurilock Security Inc.’s milestone projections and targets; (f) Plurilock Security Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Plurilock Security Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Plurilock Security Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Plurilock Security Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Plurilock Security Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Plurilock Security Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Plurilock Security Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Plurilock Security Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Plurilock Security Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Plurilock Security Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Plurilock Security Inc.’s business operations (e) Plurilock Security Inc. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Plurilock Security Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Plurilock Security Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Plurilock Security Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Plurilock Security Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Plurilock Security Inc. or such entities and are not necessarily indicative of future performance of Plurilock Security Inc. or such entities.
8) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation.
Read more investing news on PressReach.com.Subscribe to the PressReach RSS feeds:- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube
