Victoria, British Columbia--(Newsfile Corp. - July 22, 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$217,000 purchase order from a California state retirement fund manager.
This order is the latest in a series of new business for Plurilock's Solutions Division, as the Company continues its growth within the government and financial verticals. Since April 1, 2021, Plurilock has announced a total of US$7.6 million in sales from all signed contracts and orders.
For state and local government entities, procurement for IT security solutions is more important than ever. Recent statistic shows that over the last three years, U.S. government organizations have been hit with 246 ransomware attacks.1 These attacks impacted over 173 million people and cost an estimated $52.88 billion.2
Plurilock secured the order through the open market, as a result of the Company's long-term existing relationship with the organization, and its excellent track record of customer service and quality products. Per the terms of the order, Plurilock will provide the California state retirement fund manager with a license renewals and maintenance support on several VMware® products that provide virtual desktop infrastructure (VDI), server visualization, and business continuity and disaster recovery solutions.
Retirements plans have come under scrutiny as to their vulnerability for a cyber attack, as was highlighted by a 2021 report from the U.S. Government Accountability Office (GAO). The GAO report stated that as of 2018 about 106 million people participate in employer-sponsored defined contribution retirement plans like 401(k)s, with assets worth about $6.3 trillion, but that the Department of Labor has not clarified the responsibility that plan administrators have for mitigating cybersecurity risks.3
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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