• Positioned for Defense Market Growth - decades of experience
• Favourable industry conditions and higher-margin business lines (30%+) supporting the Company's continued growth strategy
• Acceleration of Critical Services (95% 5-year CAGR) fueling path to break even, representing over 20% of total revenue, CAD$10 million on 9-month Sept 30 2025 basis

Vancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services provider, announces a corporate update highlighting the Company's existing participation in high-growth Canadian defense markets, continued commercial momentum, and operational advances driven by AI innovation.

Experienced and Well Positioned for Canadian Defense Market Growth

As Canadian cybersecurity policy enters a transformational period, Plurilock operates in a sector expected to see increased federal defense spending and procurement reform, following recent Canadian government policy announcements. The "Canada Strong" 2025 Budget included a total investment by the Canadian Government of CAD$81.8 billion over 5 years to "rebuild, rearm and reinvest in the Canadian Forces". Further, in February 2026, the Carney government launched Canada's first comprehensive Defense Industrial Strategy which forms a crucial subset of the 2025 Budget, committing to investment of CAD$6.6 billion to enhance Canada's domestic defense industrial base and the CAD$460 million BOREALIS program to accelerate innovation. In addition, the Carney Government has indicated a goal of 70% domestic procurement for all projects over the next decade.

Cyber, generally recognized as a fifth domain of warfare that significantly affects land, sea, air, and space, is a critical part of this investment. Cyber threats precede conflict, persist throughout engagements, and remain omni-present in peacetime, requiring continuous vigilance and advanced capabilities.

With almost four decades of direct Canadian and USA defense work, directly and via its acquired entities, the Company has cultivated the relationships, accreditations, and operational track record required to compete for and win complex, mission-critical engagements in this domain. Plurilock has been successfully executing defense contracts throughout this period, establishing itself as a trusted advisor to enterprises and government agencies defending against persistent cyber threats. With pre-qualifications and certifications already in place, Plurilock is positioned to take advantage of these new opportunities as this investment wave accelerates.

Plurilock's notable federal wins include:

• April 2, 2025: Secured CAD$5.9 Million in New Contracts Across Federal and Public Sector Clients

• March 10, 2025: Secured CAD$1.4 Million Contract with Canadian Federal Government

• February 18, 2025: Secured Multiple High-Profile Government Sales in the U.S. and Canada

Plurilock has established collaborative partnerships with multi-national global defense primes, positioning the Company as a trusted partner on large-scale joint defense initiatives. These relationships reflect the elite caliber of Plurilock's team, which includes former leadership from top-tier defense organizations.

"We are a long-standing Canadian cybersecurity provider for government and defense, and the investments we're seeing now validate the importance and potential of this business," said Ian L. Paterson, CEO of Plurilock. "As the government turns its attention to cyber, AI, and emerging threats, our deep bench of expertise-from defense industry veterans-gives us a meaningful edge in the days ahead."

Plurilock is actively making additional investments to expand its capabilities in Canada and defense. The Company's history in AI and cybersecurity-rooted in proprietary IP and advanced technical capabilities-positions it to deliver on the complex, high-stakes requirements that allied governments demand.

Strong Critical Services Growth Across Federal and Commercial

While defense represents a significant growth vector, Plurilock continues to see robust Critical Services performance across its commercial and public sector client base, with strong re-occurring revenue growth. For the first 9-months of 2025, Plurilock's business generated CAD$10 million in revenue, which represents a 5-year CAGR of over 95% since the business-lines' inception in 2020. Recent wins, renewals, and expanded engagements reflect the strength of its Critical Services business and the effectiveness of its partner-driven go-to-market strategy.

Recent commercial enterprise wins include:

• February 4, 2026: Announced Four Cybersecurity Contract Renewals Totaling CAD$1.19 Million Across Two Enterprise and Government Customers

• December 17, 2025: CAD$2.4 million licensing agreement with NASDAQ-listed semiconductor manufacturer

• December 2, 2025: CAD$1.2 million software and services contract with NASDAQ-listed semiconductor manufacturer 

• November 5, 2025: US$868,600 in Critical Services contracts with a NASDAQ-listed semiconductor manufacturer 

• June 26, 2025: CAD$2.54 million sale to NASDAQ-listed enterprise for AI cybersecurity 

• June 5, 2025: CAD$1.3 million in new Critical Services contracts with U.S. commercial clients

Plurilock's Critical Services continues to deliver both recurring and re-occurring revenue, supported by strong partner pull-through and meaningful pipeline growth. The Company's strategic technology partnerships are generating tangible results, with Plurilock upgrading its tier status with several key vendors. These enhanced partner relationships unlock additional benefits including improved pricing, priority access to resources, and expanded co-selling opportunities that translate directly to customer value and competitive advantage.

"Our commercial business continues to be strong, and our defense momentum is stronger than ever," continued Paterson. "We're seeing pull-through from partners, renewals from long-term clients, and new logos."

Operational Efficiency Through Cost Discipline and AI Innovation

By streamlining the Company's leadership structure and aligning operational oversight more directly with revenue generation and financial management, the Company is positioned to scale more effectively and accelerate its progress towards profitability.

In conjunction with these changes, the executive leadership team has voluntarily implemented a 30% reduction in executive compensation as part of a broader cost-optimization effort. Combined with the elimination of two executive positions and other operational efficiencies, the Company expects approximately CAD$900,000 in net annualized savings over the next 12 months after accounting for severance obligations and strategic investments in additional sales personnel.

These savings will be redeployed towards high-impact growth initiatives, including the expansion of the Company's sales organization and continued investment in customer acquisition and market development.

Plurilock continues to identify operational efficiencies through a dual-pronged approach: disciplined cost management and aggressive AI innovation and adoption. As an AI-native company with AI embedded in its corporate DNA, Plurilock is leveraging automation, machine learning-driven security operations, and intelligent tooling to deliver faster, more effective services while optimizing resource allocation.

These initiatives support healthier margins, improved operational agility, and the ability to scale Critical Services without proportional increases in overhead. The Company's commitment to AI-driven playbooks and proprietary IP allows it to deliver elite-level cybersecurity outcomes in high-stakes environments where failure is not an option.

Leadership Transition

In alignment with the Company's focus on operational efficiency, Plurilock announces it has streamlined the executive leadership, with the CTO and COO roles phased out. Both individuals are expected to continue to support the Company in an advisory capacity, providing strategic insight and industry expertise. The Company thanks both individuals for their service and contributions to Plurilock's growth and development.

Under the updated leadership structure, operational oversight will be consolidated across the existing executive team. This structure aligns operational accountability with the areas most critical to driving performance, enabling faster decision-making.

The Company emphasizes that its focus and customer commitments remain unchanged. The leadership team believes this realignment will allow the Company to operate with greater agility, improve margins over time, and continue delivering year-over-year growth while building a durable foundation for long-term value.

About Plurilock

Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.

For more information, visit https://www.plurilock.com or contact:

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

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, and unforeseen events and developments. 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 management's discussion and analysis. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287865

Source: Plurilock Security Inc.