Victoria, British Columbia--(Newsfile Corp. - July 21, 2021) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries ("Plurilock" or the "Company"), an identity-centric cybersecurity solutions provider for workforces, has received a US$1.9 million order from the U.S. Department of Defense as part of National Aeronautics and Space Administration's (NASA) Solution for Enterprise-Wide Procurement (SEWP), a U.S. Government-Wide Acquisition Contract Vehicle (GWAC).
Following Plurilock's US$1.7 million overseas order with the U.S. Department of Defense announced on July 15, 2021, the latest purchase order represents the Company's third order to be worth over US$1 million in recent months. All contracts and orders signed by Plurilock since May 2021, including the latest order, represent a combined total of US$7.4 million in sales.
The order is an upsell on the initially approved total of US$1.8 million and is part of an existing SEWP V contract award, due to the Company's demonstrated experience and customer service, as well as its large portfolio of IT support and cybersecurity solutions. Splunk® is a leading security information and event management (SIEM) and data platform used by IT, security, and DevOps teams, serving over 15,000 customers in 110 countries.1 Per the terms of the order, the Company will provide the U.S. Department of Defense with the renewal of several Splunk products such as their apps for malware, VMware, user behavior analytics, and enterprise security.
This order is the latest in a series of orders from the U.S. Department of Defense and other federal agencies and aligns with the Company's planned growth strategy and efforts to acquire additional business within the government vertical.
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 2020.2 Estimates anticipate that agencies will utilize SEWP V for $8.8 billion in contracted spending in fiscal 2021.3 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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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