Plurilock Engages Clear Street to Review U.S. Strategic Options

Technology
Monday, August 26th, 2024 4:53 pm EDT

Vancouver, British Columbia–(Newsfile Corp. – August 26, 2024) – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) (“Plurilock” or the “Company”), a global cybersecurity services and solutions provider, announces that it has engaged Clear Street as its financial advisor to assist the board and management in refining U.S. strategic options. 

Plurilock generated $70.4 million in revenue for the year ending December 31, 2023. These revenues come from an integrated cyber security company platform that includes: Hardware & Software Sales, Managed Critical Services, and Plurilock AI SaaS Platform. 89% of Plurilock’s business is conducted in the U.S., with the U.S. Federal Government representing the Company’s largest customer. The ecosystem of U.S. Government customers and partners is the foundation of Plurilock’s business, as the Company is intertwined with agencies across Homeland Security and Defense, Energy and Agriculture, Transportation and Commerce, Health and Human Services, and Justice, among others. 

Plurilock has recently added prominent Americans to the Company’s Industry Advisory Council including former CrowdStrike Board Member / AppDynamics President Joe Sexton and former White House Lawyer / Senior CIA Officer Bryan Cunningham. This builds on Plurilock’s American leadership, which also includes Company board members: Jennifer Swindell who was formerly Senior Vice President of Booz Allen Hamilton and a Special Operations Officer in the U.S. Navy, and; Ed Hammersla who was formerly head of Raytheon Cyber Products and Chief Strategy Officer of Forcepoint. 

This strategic review aims to amplify Plurilock’s growth trajectory and market presence by leveraging the robust opportunities available in the U.S. technology sector. With the increasing demand for advanced cybersecurity solutions, Plurilock is strategically positioned to expand its footprint and enhance shareholder value.

“Plurilock Security is at the forefront of protecting organizations against evolving cyber threats. By engaging with Clear Street, we aim to explore avenues that will not only bolster our visibility but also attract a wider investor base,” said Ian L. Paterson, CEO of Plurilock Security. “We believe that U.S. capital markets and acquisitions strategies better support Plurilock’s growth and valuing the platform properly with growth focused investors who will support it.” 

There can be no assurance that the exploration of strategic options will result in any agreements or transactions, or as to the timing of any such agreements or transactions. Plurilock does not intend to discuss or disclose further developments regarding the exploration of strategic alternatives unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate or required by law.

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

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

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, including statements relating to potential mergers, acquisitions and uplisting. 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.