Victoria, British Columbia—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) (“Plurilock” or the “Company”), an innovative cybersecurity company that provides frictionless and continuous authentication, is pleased to announce the expansion of its direct sales team as well as the grant of stock options to its employees and a Director of the Company.
Expansion of Direct Sales Team
Given the rising demand for cybersecurity solutions across various industry verticals, the expansion of the direct sales team will increase Plurilock’s outreach in delivering authentication solutions to a wider audience. The new members of the direct sales team will be tasked with executing numerous sales initiatives to promote the Company’s cybersecurity offerings to companies in North America in order to grow Plurilock’s client base.
The first hire brings immense experience in organizational development and client relations as well as a strong analytical background, having previously worked as a software engineer and a solutions architect in leading cyber intelligence firms. The other new addition to the sales team is a US Armed Services veteran who has held leadership roles in cybersecurity and information technology within large financial services firms and information security companies such as BNY Mellon and JP Morgan Chase. Collectively, the new additions will draw on their expertise to educate prospective clients about the key advantages of Plurilock’s state-of-the-art solutions in order to secure new client contracts.
“The expansion of our direct sales team represents an integral step for us to grow our North American client base,” said Ian L. Paterson, CEO of Plurilock Security Inc. “By expanding our direct sales team, we hope to engage more companies across various sectors that require a strong cybersecurity infrastructure.”
The new additions are part of Plurilock’s direct sales strategy, which will complement its extensive channel-led sales strategy, resulting in a diversified approach to increase the Company’s client outreach.
Grant of Stock Options
Plurilock has granted stock options to new employees of the Company to purchase an aggregate of 50,000 common shares at an exercise price of $0.60 per share, which will vest over four years from the grant date. The stock options are granted for a ten-year term from February 26, 2021.
The Company has also granted stock options to a Director of Plurilock to purchase an aggregate of 100,000 common shares at an exercise price of $0.56 per share, which will vest over three years from the grant date. The stock options are granted for a five-year term from March 5, 2021.
Plurilock is an innovative, identity-centric cybersecurity company that reduces or eliminates the need for passwords, extra authentication steps, and cumbersome authentication devices. Plurilock’s software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based authentication solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) which relate to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “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 are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. 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 at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
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