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Operational Optimization Expected to Deliver $2.7 Million in Annual Cost Reductions
Plurilock Security Inc. (TSXV: PLUR,OTC:PLCKF) (OTCQB: PLCKF) ("Plurilock" or the "Company"), a global cybersecurity services provider, announces the completion of efficiency initiatives that are expected to deliver approximately $2,700,000 in annualized cost savings.
This announcement follows the recently completed divestiture of Plurilock's CloudCodes business, a transaction that sharpened the Company's focus on its core strategy of scaling its higher-margin Critical Services business. Together, these actions reflect a broader effort to strategically reduce operating expenses, strengthen the balance sheet, and accelerate the path to profitability.
As a services-led, product-enabled, AI-native cybersecurity company, Plurilock continues to evolve its operating model to support growth efficiently while improving margins. The corporate streamlining leverages global talent in offshore delivery centers, introduces an "AI-first" approach in select departments to improve efficiency and scalability, and reduces overhead expenses through disciplined cost management. These measures are designed to enhance Plurilock's financial position while ensuring that its solutions remain aligned with the most pressing needs of enterprise, defense, and public sector clients.
"These actions represent an important step in aligning our operations with our strategic focus on higher-margin Critical Services and shortening the path to profitability," said Ian L. Paterson, CEO of Plurilock. "We are continuing to reduce costs while investing in Critical Services, and we're already seeing the results of these efforts. By embedding AI-driven efficiencies and realizing staff synergies to enhance productivity, we are building a leaner, more resilient organization capable of delivering greater value to our clients and shareholders."
The Company expects these annualized savings to take effect beginning September 1, 2025, strengthening the balance sheet, reducing cash burn, while enabling continued investment in key growth areas such as Critical Services and international expansion.
About Plurilock
Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure isn't an option. Trusted by Five-Eyes governments, NATO-aligned agencies, and Global 2000 enterprises, we defend critical infrastructure and safeguard the systems that power modern life. Our Critical Services division delivers operational resilience through unmatched expertise, proprietary IP, and AI-driven playbooks.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
Sean Peasgood
Investor Relations
sean@sophiccapital.com
647.953.5607
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.
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, and unforeseen 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 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.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266561
