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, Plurilock Security announced it has received a US$4.7 million five year sale order from a US public library.
The sale represents the latest transaction in a series of orders between Plurilock and customers within the U.S. public sector in recent months. As part of the Company’s sales strategy, Plurilock intends to expand its revenue share and increase the number of opportunities to upsell high-margin offerings. According to the terms of the order, the Company will deliver cybersecurity solutions to the Customer.
“We are pleased to secure a US$4.7 million sale order with the Customer,” said Ian L. Paterson, CEO of Plurilock. “This sale reflects our strategy of broadening our revenue share that we sell to non-federal clients and a reflection of the work we have done to integrate our acquisitions and streamline efficiencies to secure large purchase orders.”
In the same press release, Plurilock announced that pursuant to the indenture between the Company and Computershare Trust Company of Canada dated August 15, 2022, as supplemented by the first supplemental indenture dated September 20, 2022 governing the 10% unsecured convertible debentures in the principal amount of $1,245,000 previously issued on August 15, 2022, and the 10% unsecured convertible debentures in the principal amount of $285,000 previously issued on September 20, 2022, the Company will issue Shares in satisfaction of interest payments on the outstanding Debentures.
The Company will issue an aggregate of $75,537 worth of Shares at the closing market price on December 29, 2023 to holders of the Debentures in satisfaction of an aggregate of $75,537 in interest payable as of December 31, 2023. Issuance of the Shares is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
A bottoming play with the stock recently printing new all time record lows at $0.05. This is now a bottom picker reversal play. We continue to get catalysts but not enough to cause a breakout trigger above the key $0.075 resistance level. Investors and reversal traders want to see a daily candle close above this price level to trigger a breakout and then a potential reversal. A close above resistance and the downtrend line that I have drawn, would add more confluence that a new trend is in play.
