VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (TSXV: PLUR) (“Plurilock” or the “Company”), an innovative cybersecurity company that provides frictionless and continuous authentication using machine learning and behavioral biometrics, today announced the conditional grant of stock options for the purchase of an aggregate of 6,105,657 common shares (each, a “Public Company Share”) to employees, officers, directors and consultants of the Company, pursuant to the terms of the Company’s Stock Option Plan. The stock options are exercisable at $0.34 per Public Company Share, expire 10 years from the date of grant, and vest over 36 months such that one-third of the stock options will vest on the date of grant and two-thirds of the stock options will vest quarterly starting from one (1) year following the date of grant.
Immediately prior to listing on the TSXV and completion of the Qualifying Transaction, option holders of Plurilock Security Solutions Inc., while it was a private company, exercised an aggregate of 5,328,151 private company stock options (the “Private Company Stock Options”) on a cashless basis in exchange for 880,025 common shares of the Company immediately prior to the closing of the Qualifying Transaction. As a result, a total of 4,440,126 Private Company Stock Options were not exchanged for Public Company Shares in connection with the Qualifying Transaction and are now being granted as replacement options at $0.34 per share, representing a premium to the $0.30 price of the units issued in connection with the Qualifying Transaction.
“As a growing technology company now trading on the Canadian public markets, we remain focused on our long term vision of becoming a global leader in the cybersecurity market,” said Ian L. Paterson, CEO of Plurilock Security Inc. “To ensure proper alignment, our executive team and board made a conscious decision to cancel the majority of the stock options outstanding in the private company and re-issue them at a premium to show our stakeholders that we are committed to the long term success of this growing company.”
The Company also announces that it will not be issuing any securities pursuant to the Long Term Incentive Plan (“LTIP”) that was previously disclosed in its filing statement in connection with the Qualifying Transaction. The board has resolved to terminate the LTIP and will not be presenting it to shareholders for approval at the Company’s annual general meeting in 2021.
Plurilock is an innovative, identity-centric cybersecurity company that reduces or eliminates the need for passwords, extra authentication steps, and cumbersome authentication devices. Plurilock’s software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based authentication solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind.
For more information, visit https://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”) which relate 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, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. 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.