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 US$224,000 purchase order from the U.S. Library of Congress as part of the National Aeronautics and Space Administration’s (NASA) Solution for Enterprise-Wide Procurement (SEWP) program, a U.S. Government-Wide Acquisition Contract Vehicle (GWAC).
The U.S. Library of Congress is the largest library in the world and serves as the research arm of the U.S. Congress.1 Libraries have become an increasing target for ransomware attacks and several libraries have been impacted by cyber attacks in the last few years, including incidents in Pennsylvania, Ohio, and Massachusetts.2,3,4
This order is a part of the SEWP V program and aligns with Plurilock’s stated goal of expanding within the government vertical. All contracts and orders announced by Plurilock and its subsidiaries since January 1, 2022, including the latest orders, represent a combined total of roughly US$5.28 million in sales.
Per the terms of the purchase order, Aurora will provide the U.S. Library of Congress with software license renewal and maintenance support services.
Aurora Share Purchase Agreement Earnout
In accordance with the Share Purchase Agreement dated March 26, 2021 among the Company, Plurilock Security Corp. and Aurora Systems Consulting, Inc., the performance-based earnout has been achieved and the Company has issued 1,154,676 common shares of the Company at $0.325 per share to the vendor in satisfaction of the earnout payment of US$300,000.
Issuance of Second Installment Payment Shares under Services Agreement with AGORA
The Company is pleased to announce that, further to its news release of December 30, 2021 and in connection with the services provided by AGORA Internet Relations Corp. (“AGORA”) under the online marketing agreement with AGORA, the Company has issued 69,538 common shares of the Company at a deemed price of $0.325 per share to AGORA as the second installment payment of $20,000 plus applicable taxes.
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 2020.5 Bloomberg Government estimated that agencies utilized SEWP V for $8.8 billion in contracted spending in fiscal 2021.6 The contract vehicle provides Plurilock with the opportunity to access downstream customers in the government sector.
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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