Plurilock Security Inc. (TSX-V:PLUR) said it has signed a contract renewal for its flagship product with one of India's largest airlines, and also revealed an additional subscription to its recent private placement.
According to the terms of the contract renewal, the customer will renew its subscription to Plurilock AI Cloud, which features Single-Sign On and Access Controls for cloud applications, for 5,800 users.
In addition, the contract also includes the launch of a new cybersecurity project, which will further integrate Plurilock AI Cloud into their operating environment and existing workflows.
The project comprises custom development work that enables the company's flagship product to provide additional automatic provisioning, de-provisioning and account synchronization across cloud services.
"We are pleased to have established a strong business relationship with an overseas airline of this caliber," said Ian L. Paterson, CEO of Plurilock in a statement.
"Our goal is to be well-positioned as a leading provider of AI-driven cybersecurity solutions to organizations across different key industry verticals. We look forward to working with the customer in ensuring their security requirements are met and protecting their business systems against cyber threats,” he added.
Additional placement subscription
Plurilock also announced that, further to its news release dated June 28, 2023, it has accepted one additional subscription for 100,000 units at a price of $0.145 each for gross proceeds of $14,500.
The aggregate gross proceeds raised under all tranches of the private placement totaled approximately $1,661,305.
The company intends to use the proceeds raised for general corporate purposes and market awareness advertising.
With industry-leading artificial intelligence and patented real-time identity confirmation technology, Plurilock combines next-generation cybersecurity with a comprehensive line of products and services that enable teams across North America and the globe to compute safely in a remote work world.
Contact the author at jon.hopkins@proactiveinvestors.com