Plurilock Announces Auditor Change and Provides Financial Market Updates

Vancouver, British Columbia–(Newsfile Corp. – July 4, 2024) – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) (“Plurilock Security”) announces the closing of its newPlurilock” or the “Business“), a global provider of cybersecurity services and solutions, announces auditor change and provides financial market updates.

commissary change in accounts

The Company announces that effective July 2, 2024, Forvis Mazars LLP, Chartered Professional Accountants (the “Former Auditor”) has resigned as auditor of the Company, and MNP LLP, Chartered Professional Accountants (the “Successor Auditor”) of Vancouver, British Columbia, Canada, has been appointed as successor auditor of the Company.

There were no reservations in the former auditor’s audit reports for any financial period during which the former auditor was the company’s auditor.

Convertible Bond Issuance Incentive Program

Further to our press release dated May 23, 2024, an aggregate principal amount of $1,070,000 in 10% unsecured convertible debentures (the “Debentures”)Obligations“) were converted into 4,280,000 ordinary shares of the Company (each, a “Bonds“). Holders of Notes who converted their Notes during the incentive period, which was from May 27, 2024 to June 26, 2024, and tendered their previously issued common stock purchase warrants for cancellation, received one new common stock purchase warrant for each share of Notes issued upon conversion of their respective Notes (each, a “Incentive mandate“). Each incentive warrant will entitle the holder thereof to purchase one additional common share of the Company (each, a “Share“) for a period of one year at a price of $0.30. The Company issued a total of 4,280,000 incentive warrants. An aggregate principal amount of $450,000 of bonds remains outstanding and the Company issued 74,995 shares at $0.30 per share to satisfy the interest payment due on June 30, 2024.

Clarifications of the investor relations agreement

Further to our press release of May 23, 2024, the Company wishes to clarify the terms of the campaign agreement (the “Campaign Agreement“) with 2501490 Alberta Inc. dba Social Network Effect Communications (the “Service provider“). The Company has paid the Service Provider US$100,000 as a deposit and the remaining US$300,000 will be paid to the Service Provider upon receipt of approval from the TSX Venture Exchange (“Exchange“). The balance of US$132,272 is payable 30 calendar days after receipt of Exchange approval. The term of the Campaign Agreement will commence upon Exchange approval and will end on November 30, 2024. The Service Provider is also eligible to receive options from the Company, the number and terms of which will be mutually agreed upon by the Company and the Service Provider and in accordance with the policies of the Exchange.

The service provider’s principal participated in the company’s latest private placement, acquiring 1,250,000 units (the “Units“). At the request of the Exchange, the service provider sold its stake in the units.

Incentive actions

Further to our press release dated April 1, 2024 regarding the appointment of Ali Hakimzadeh to the Company’s board of directors, the Company wishes to issue 400,326 shares at a deemed price of $0.50 per share to Ali Hakimzadeh pursuant to his executive employment agreement. The shares are subject to a hold period of four months and one day.

About Plurilock

Plurilock sells cybersecurity solutions to the U.S. and Canadian federal governments and Global 2000 companies. Through these relationships, Plurilock sells its unique brand of mission-critical services, helping clients with our expertise to defend against, detect and prevent costly data breaches and cyberattacks. For more information, visit www.plurilock.com or contact:

Ian L. Paterson
General manager
[email protected]
416.800.1566

Ali Hakimzadeh
Executive Chairman
[email protected]
604.306.5720

Sean Peasgood
Investor Relations
[email protected]
647.953.5607

Neither the 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.

Forward-Looking Statements

This press release may contain certain forward-looking statements and information (collectively, “forward-looking statements”) relating to future events or Plurilock’s business, operations and future performance and financial condition. Forward-looking statements typically contain words such as “will”, “intends”, “anticipates”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “should”, “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 to be relevant, reasonable and appropriate in the circumstances. Although management believes that the forward-looking statements contained herein are reasonable, actual results could differ materially due to the risks and uncertainties associated with and inherent in Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements included herein include, but are not limited to, the impact of general economic conditions and unanticipated events and developments. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Many of these factors are beyond Plurilock’s control. 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 of the date hereof, and Plurilock undertakes no obligation to publicly update or revise any of the forward-looking statements included herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Risks and uncertainties regarding the Company’s business are more fully described under the heading “Risk Factors” in its most recent Annual Information Form. They are also disclosed in its documents filed with the securities authorities available on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215519