Purchase order was secured through Aurora's expanded operations as a result of its recently announced asset purchase agreement with Atrion Communication, Inc.
Vancouver, British Columbia--(Newsfile Corp. - October 3, 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 its wholly-owned subsidiary, Aurora Systems Consulting, Inc. ("Aurora"), has received a US$2.8 million 3-year purchase order from a leading U.S. food, facilities and uniform services provider (the "Customer").
According to the terms of the order, Aurora will provide the Customer with Fortinet's global firewall solutions. This order includes a fixed renewal price and enables the Customer to make a total of three annualized payments. In addition, this order offers up-selling opportunities as the Customer can purchase up to 15% of additional equipment over the 3-year period.
The purchase order was secured through Aurora's expanded operations as a result of its acquisition of certain assets and business of Atrion Communications, Inc. ("Atrion"), which was previously announced on September 26, 2022.
"We are delighted to receive this multi-year purchase order from a top-tier U.S. customer, which bodes well for our sales pipeline," said Ian L. Paterson, CEO of Plurilock. "This order was received as a result of Aurora's asset purchase agreement with Atrion, which has enabled Plurilock to expand its customer base across the East Coast of the United States. Moving forward, we intend to not only secure new clients through Aurora but also, continue capitalizing on new cross-selling opportunities for our high-margin proprietary software solutions."
The Company has entered into an amended and restated consulting agreement with a strategic consultant (the "Consultant") whereby the Company has agreed to pay the Consultant a fee (the "Fee") of $30,000 for services provided by the Consultant to the Company in connection with the Atrion acquisition. The Company intends to settle the Fee part in cash and common shares of the Company, whereby the Company will issue to the Consultant 78,947 common shares of the Company (the "Consulting Shares") at a deemed price of $0.19 per Consulting Share. The issuance of the Consulting Shares is subject to TSXV approval.
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
Chief Financial Officer
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.
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