Plurilock moves to scale in the $1 trillion cybersecurity market
Victoria, British Columbia--(Newsfile Corp. - September 24, 2020) - Plurilock Security Inc. (TSXV: PLUR) ("Plurilock" or the "Company"), a leading provider of invisible and continuous authentication technologies for enterprises, is pleased to announce that the company will begin trading on the TSX Venture Exchange (the "TSXV") under the ticker symbol "PLUR" today.
Powered by advanced AI and machine learning, Plurilock's proprietary continuous authentication technology uses behavioral biometrics to recognize users automatically based on the rhythm and cadence of their keystrokes. Users are identified when they first log on and their identities are confirmed all day in the background as they work-rewriting the rules of digital identity in the enterprise and putting an end to the longtime tensions between security, usability, and productivity. The result is greater convenience for users and significantly enhanced security for enterprise customers seeking to prevent cyber threats.
"We are excited to begin trading on the TSXV at the opening of the market today. This represents a key milestone in our development," says Ian L. Paterson, CEO of Plurilock Security Inc. "When we launched our products in 2017, we set out to transform the cybersecurity market by developing advanced behavioral-biometric technology. Since then, we have made significant progress in growing our customer base, strengthening our operations, assembling a world class team, and putting ourselves in a position to scale our organization and become a leader in the authentication market. As we embark on this next chapter of growth, we look forward to sharing our developments with our current and future shareholders."
Select customers include the U.S. Department of Homeland Security, U.S. Army, and major banks and financial institutions. The company received a contract renewal with the U.S. Department of Homeland Security on July 30th 2020, the third in a series of related contracts funded through the DHS Science and Technology (S&T) Directorate's Silicon Valley Innovation Program (SVIP) that renews the ongoing collaboration between Plurilock and DHS.
As predicted by Cyber Security Ventures, Global Cybersecurity spending is predicted to exceed $1 Trillion from 2017-2021.1
Plurilock employs a SaaS revenue model with long-term contracts for enterprise customers. To reach its customers, Plurilock targets both direct sales and channel sales through an engaged network of partners and value-added resellers. Federal government opportunities are qualified and pursued separately, on an individual basis.
Plurilock's technology enables organizations to identify users based on individual, fingerprint-unique patterns in their behavior, environment, and context. Usernames, passwords, and authentication tokens can be forgotten or stolen, and fingerprint or face scans can be fooled. Plurilock products, on the other hand, track imperceptible micropatterns in keyboard, mouse, and touchscreen activity along with ambient environmental and contextual data that is unique to each individual and their computing devices. Impersonation is impossible, accounts can't be stolen or shared, and privacy is protected-because Plurilock data can't be used to reconstruct real-world identities even if somehow lost to the wild.
Experienced Leadership Team:
In preparation for Plurilock's transition to a public company, the Company has formed a world-class leadership team with experience in AI, deep-technology, engineering, and government.
Ian L. Paterson, CEO and Director - 10-year data analytics entrepreneur with a proven track record in commercializing data science solutions
Admiral Mike McConnell, Director - Previously served as Director of the U.S. National Security Agency under Presidents Clinton and George H.W. Bush, then as U.S. Director of National Intelligence under Presidents George W. Bush and Barack Obama
Robert Kiesman, Chairman - Private business owner and corporate lawyer specializing in securities law and mergers and acquisitions. Currently serves as vice-chair of the board of directors of the Provincial Health Services Authority
Ed Hammersla, Director - Former president of Raytheon. Held previous roles at SELinux, IBM, and Trusted Computer Solutions
Barry Carlson, Director - Veteran executive and investor who has served for 30 years in leadership and governance roles in the software and information technology industries in BC
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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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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