This transaction represents the first cross-selling purchase order through Aurora for Plurilock’s high-margin proprietary DEFEND solution
VANCOUVER, BRITISH COLUMBIA—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 its wholly-owned subsidiary, Aurora Systems Consulting, Inc. (“Aurora”), has received a purchase order from a California-based pension fund for the Company’s Plurilock DEFENDTM continuous authentication solution.
This transaction represents the first cross-selling purchase order through Aurora for Plurilock’s DEFEND technology offering. Per the purchase order, the customer will pay a monthly subscription for the Company’s continuous identity confirmation solution based on a fixed number of end-users. This order also includes ongoing maintenance support.
All contracts and orders announced by PlurilockTM and its subsidiaries since January 1, 2022, including the latest orders, represent a combined total of roughly US$5.28 million in sales.
“We are pleased to report the completion of our first cross-sale of Plurilock’s cutting-edge DEFEND solution,” said Ian L. Paterson, CEO of Plurilock. “This order highlights the strategy we developed following the acquisition of Aurora in April 2021, where we first acquire profitable cybersecurity companies with prominent customers, and then leverage those distribution channels to cross-sell our high-margin proprietary products. We will continue to identify new cross-selling opportunities and vigorously work towards signing new purchase orders for our advanced zero trust identity technology.”
This California-based pension fund is an existing Aurora customer that required an identity-centric cybersecurity solution to enhance their system’s defense against potential cyber threats. Following a stringent evaluation, the customer selected DEFEND given its robust continuous identity analysis capabilities and zero trust architecture – Plurilock DEFEND’s proprietary technology uses micro-patterns in a person’s keystroke and pointer behavior to continuously confirm identity every 3 to 5 seconds, ensuring that the person using a device is the authorized user.
Pension and retirement funds are at a heightened risk for a cyber attack as evidenced by instances like the September 2021 breach of a Missouri retirement system with 128,000 active members, where an employee’s email account was compromised by an attacker that accessed files containing personal information.1 Additionally, 44% of surveyed Master Trust retirement-related funds reported they experienced a cyber attack between 2019 and 2020, underscoring the need for a zero trust identity solution that will secure access and halt credential compromise.2
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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