VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solutions provider for workforces, has secured a contract worth US$190,000 with a U.S. federal agency under National Aeronautics and Space Administration’s (NASA) Solution for Enterprise-Wide Procurement (SEWP), a U.S. Government-Wide Acquisition Contract Vehicle (GWAC).
The contract is one of several signed between Plurilock and federal government agencies in recent weeks, emphasizing the Company’s continued efforts to expand sales within the government vertical. Since May 2021, Plurilock has signed nearly a dozen client contracts within the North American public and healthcare sector, each worth between US$100,000 and US$1.15 million, resulting in an increased revenue run rate for the current fiscal year.
Per the terms of the contract, Plurilock will provide the U.S. federal agency with nearly 2,000 solid-state storage devices, used to boost performance for existing computer hardware.
The SEWP V program, launched by NASA in 2015, is the leading information technology (IT) contract vehicle, with government agencies spending $7.9 billion in fiscal 2020.1 Estimates anticipate that agencies will utilize SEWP V for $8.8 billion in contracted spending in fiscal 2021.2 The contract vehicle provides Plurilock with the opportunity to access downstream customers in the government sector.
Plurilock provides identity-centric cybersecurity for today’s workforces. Plurilock offers world-class cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance with unmatched ease of use. The Plurilock family of companies enables organizations to operate safely and securely—while reducing cybersecurity friction.
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, impact of general economic conditions, 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 and are otherwise disclosed in its filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.
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