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.
Recently, Plurilock reported record Q2 financial results. As well as announcing it has established an Information Security Advisory Council comprising of leading cybersecurity industry experts and academics which will provide expert guidance to the Company on advancing its business development strategy and scaling its AI-focused technology offering portfolio. Just yesterday, Plurilock announced it had signed its first cross-sale order for PromptGuard with a US Financial Services firm, and launched Plurilock AI PromptGuard version 1.0.
Today, the Company announced a successful novation of a contract with the State of South Carolina, which has won after an open bidding process by Atrion Communications, whose assets Plurilock successfully acquired in September 2022.
With the novation and under the terms of the contract, Plurilock becomes one of five vendors able to sell select cybersecurity products to the State of South Carolina for a five-year period. In addition, the Company has received and fulfilled a US$791,000 purchase order to provide cybersecurity solutions to a South Carolina state government agency.
“The contract and purchase order are a great validation of our ongoing strategy to expand our distribution across new regional markets through successful acquisitions,” said Ian L. Paterson, CEO of Plurilock. “By executing on this strategy, we have become a provider of critical cybersecurity solutions to South Carolina, and we look forward to pursuing other business opportunities in this state moving forward.”
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.
Support at the $0.12 did not hold and the stock has broken below, printing new all time record lows at $0.11. After a brief bounce, the stock is once again testing this record low level again. For the bulls to regain some standing, the stock price will need to close back above the $0.12 zone to invalidate this breakdown.
