Plurilock Signs Multi-Year Contract Renewal for Flagship Cybersecurity Software with Muthoot Finance

The customer will utilize Plurilock’s high-margin software offering for approximately 11,000 users

Vancouver, British Columbia–(Newsfile Corp. – February 16, 2023) – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solutions provider for workforces, is pleased to announce that the Company has signed a three-year contract renewal for its flagship software platform, ‘Plurilock’ with Muthoot Finance Ltd. (“Muthoot Finance” or the “Customer”), a leading financial services provider based in India.1

With more than 5,750 branches and over 40,000 employees across India, Muthoot Finance offers various competitive loan products.2 The Customer will continue to license the cloud security functionality of the Plurilock platform, which includes IP and Device Restriction and Personal Email Block, for approximately 11,000 users. Additionally, the Company has upsold an additional feature – Password Policy to Muthoot Finance as part of the contract renewal.

“We are pleased to announce a contract renewal with Muthoot Finance, a leading financial services brand in India,” said Ian L. Paterson, CEO of Plurilock. “While our focus is to secure new clients for our high-margin software solutions, we also aim to maintain a strong business relationship with existing customers, which results in high customer retention and the potential for us to either cross-sell or upsell additional features of our platform.”

About Plurilock

Plurilock provides identity-centric cybersecurity for today’s workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.

For more information, visit https://www.plurilock.com or contact:

Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566

Roland Sartorius
Chief Financial Officer
roland.sartorius@plurilock.com

Prit Singh
Investor Relations
prit.singh@plurilock.com
905.510.7636

Forward-Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) related 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, the impact of general economic conditions, the success of the Company in obtaining new or extended contracts or orders; the Company’s ability to maintain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. 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. Risks and uncertainties about the Company’s business are more fully discussed under the heading “Risk Factors” in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedar.com.

Neither 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.

  1. https://www.muthootfinance.com/
  2. Ibid

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155017

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