Plurilock closes sale of CloudCodes assets

Executive Summary

• Plurilock Security Inc. has closed the previously disclosed sale of its CloudCodes assets to Scope Technologies Corp.
• The transaction involves the acquisition of Plurilock Security Private Ltd. and associated CloudCodes assets by Scope.
• Plurilock received total consideration of approximately $1.78 million, structured as a mix of cash and common shares of Scope.

Key Details

• Transaction Structure: Sale of CloudCodes assets, specifically including Plurilock Security Private Ltd.
• Counterparty: Scope Technologies Corp.
• Total Consideration: Approximately $1.78 million.
• Consideration Composition: Combination of cash and common shares of Scope Technologies Corp.
• Advisory Fees: Plurilock issued 200,000 common shares to Canaccord Genuity Corp. as an advisory fee.
• Advisory Fee Valuation: The shares were issued at a price of $0.20 per share, totaling $40,000.
• Securities Restrictions: All securities issued in connection with the transaction are subject to a hold period of four months and one day from the date of issuance under applicable Canadian securities laws.
• Strategic Rationale: The divestiture aligns with Plurilock's strategic plan to concentrate on critical services, its primary growth driver, focusing on large enterprise, defence, and public sector clients in North America and allied international markets.

Notable Quotes

• "The transaction reflects Plurilock's continued execution of its strategic plan to concentrate on critical services, which represent the company's primary growth driver."
• "The divestiture also aligns with Plurilock's focus on serving large enterprise, defence and public sector clients across North America and allied international markets."