Plurilock Renews DEFEND Contract with U.S. Financial Services Firm
Victoria, British Columbia--(Newsfile Corp. - August 31, 2021) - 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 renewal with a leading U.S. financial services firm for its cutting-edge, high-margin continuous authentication DEFEND product via its Technology Division.
The financial services firm previously signed an annual recurring US$42,000 contract for DEFEND last year, as reported on September 29, 2020. The firm purchased the technology following a stringent evaluation process. All contracts and orders signed by Plurilock since April 2021, including the latest contract renewal, represent a combined total of US$10.23 million in sales.
Plurilock's proprietary DEFEND solution uses micro-patterns, based on a user's keyboard and mouse movements, to create a unique behavioral biometric user signature that continuously authenticates identity throughout the workday.
Plurilock's technology offered the financial firm a low-friction authentication solution with strong identity confirmation capability, as well as flexible integrations. The need for innovative cybersecurity solutions for financial services organizations is strong, with a report detailing that financial services firms are 300 times more likely than other companies to be targeted by a cyber attack.1
The ongoing business relationship between Plurilock and the financial services company aligns with the Company's work to expand within the government and regulated verticals.
"Plurilock continues to hit milestones with our high margin products in the financial sector," said Ian L. Paterson, CEO of Plurilock. "With the recent announcement of a purchase order with a leading overseas financial institution earlier this month, investors and potential customers of Plurilock continue to see traction in the execution of our business plan and validation of the efficacy of our software products in the cybersecurity space. We are looking forward to accelerating this trend in the weeks and months to come."
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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