Plurilock Security Inc (PLUR.V) is a Canadian identity-centric AI cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.
Today, the Company announced it has signed a US$393,000 contract for a project to provide cybersecurity solutions to a California state critical infrastructure agency for a period of 1 year.
“We are pleased to announce a new contract with a California state agency,” said Ian L. Paterson, CEO of Plurilock. “Cyber criminals continue to pose a threat to government agencies, which has led to substantial disruptions and damages within the public sector. The result has been a steady and growing demand for innovative cybersecurity products that we intend to deliver so organizations across various key industry verticals can strengthen their cyber defenses.”
According to the U.S. Cybersecurity and Infrastructure Security Agency, critical infrastructures are regarded as essential to the stability of a nation and as a result, protecting this sector is integral to a country’s health. In May 2023, the U.S. and international cybersecurity authorities issued a joint Cybersecurity Advisory, highlighting that a foreign state-sponsored hack group could target U.S. critical infrastructure sectors as well as other sectors worldwide.
This news comes after Plurilock is gaining momentum with its new AI safety software as a service (SaaS) product for business and government, “PromptGuard”, announcing it has certified its first cohort of 10 Early Access Program (EAP) partners to provide access to PromptGuard, and launched a global EAP to certify international partners due to significant channel interest.
The stock is up over 3.8% at time of writing and sits at a market cap of just over $13 million.
After bouncing at the major support zone at $0.125, Plurilock gained strength and momentum backed on the news that the Company is announcing a strategic focus on addressing the growing AI cybersecurity threats on July 18th 2023. Further momentum followed with a major 15% green day on July 19th 2023.
The stock saw a technical pattern breakout confirmed with a close above a downtrend line on July 20th 2023, the day when Plurilock announced its new SaaS product, PromptGuard. The stock recently hit highs just above $0.16 before selling off.
Currently, the stock is in a corrective pullback phase and is finding buyers at support. Plurilock stock tested the broken trendline and has closed below it. The buyers did not step in to validate this breakout technical pattern. The stock is now ranging at support at the $0.135 zone. Note how the daily candle wicks rejected the downtrend line between July 27th-August 3rd, highlighting the importance of this line. A close back above this trendline is what bulls want to see.
