Plurilock Security (PLUR.V) offers strong cybersecurity solutions without the need of passwords. The company’s frictionless authentication uses novel biometrics to not only guard the door at login, but to continuously monitor in real time for the length of the network session to make sure whoever is at the keyboard is the right one.
These patented behavioral-biometric solutions are coupled with layered identity signals and the whole system is invisible to the user, running silently in the background. No fingerprints, retina scans or dongles are used which not only can be invasive, expensive and limiting, but more importantly, they can be copied.
Today, the Company announced it has signed a contract renewal for its flagship product, Plurilock AI, with one of India’s largest airlines.
The customer will renew its subscription to Plurilock AI Cloud, which features single-sign on and access controls for cloud applications for 5,800 users. The contract also includes the launch of a new cybersecurity project, which will further integrate Plurilock AI Cloud into their operating environment and existing workflows. The project comprises custom development work that enables the Company’s flagship product to provide additional automatic provisioning, de-provisioning and account synchronization across cloud services.
“We are pleased to have established a strong business relationship with an overseas airline of this caliber,” said Ian L. Paterson, CEO of Plurilock. “Our goal is to be well-positioned as a leading provider of AI-driven cybersecurity solutions to organizations across different key industry verticals. We look forward to working with the Customer in ensuring their security requirements are met and protecting their business systems against cyber threats.”
In addition to this news, Plurilock also announced the acceptance of one additional subscription to the private placement for 100,000 units at a price of $0.145 per unit for gross proceeds of $14,500. The aggregate gross proceeds raised under all tranches of the Private Placement totaled approximately $1,661,305.
Each Unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of $0.20 per Warrant Share for a period of 48 months from the closing date of the Private Placement, provided that if the volume weighted average closing price of the Shares on the TSX Venture Exchange is equal to or greater than $0.25 for any ten consecutive trading days, the Company may at its option to elect to accelerate the expiry of the Warrants by providing notice to the holders thereof, in which case the Warrants will expire thirty calendar days following delivery of such notice.
At time of writing, Plurilock stock is currently flat for the day and the Company sits at a market cap of around $14.3 million.
The stock continues to battle and range at the support zone of $0.13-$0.135. We know there are buyers here as can be seen from the long wick candles and full bodied green candles. A breakout is required for further momentum. The stock is also being constrained below the downtrend line. A daily candle close above this trendline would be a significant technical breakout and lead to a move to test resistance at $0.175.
