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Plurilock's Aurora Systems Secures up to US$2 Million Line of Credit
Thursday, March 10, 2022Company Profile | Follow Company
Victoria, BC, March 10, 2022--(T-Net)--Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries, an identity-centric cybersecurity solutions provider for workforces, announced that, through its wholly-owned subsidiary, Aurora Systems Consulting, Inc., it has obtained a revolving line of credit from Crestmark, the Commercial Finance division of MetaBank®, N.A. for up to US$2 million.
Ian Paterson, CEO, Plurilock Security Solutions Inc.
"We are pleased to partner with Crestmark on securing this revolving line of credit for up to US$2 million," said Ian L. Paterson, CEO of Plurilock. "This credit facility is a shareholder friendly financing alternative that provides us with flexibility to address our working capital needs at Aurora and enables the Company to focus on its growth plans, which include strategic acquisitions and organic growth from our innovative suite of zero trust identity products."
The proceeds of the Loan will be used by Aurora for working capital purposes. The Loan is secured against all current and future assets of the Company and its subsidiaries, Plurilock Security Solutions Inc., Plurilock Security Corp., and Aurora.
About Crestmark
Crestmark, the Commercial Finance division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. The MetaBank® mission is Financial Inclusion for All® and the company works to increase financial availability, choice, and opportunity for all. Crestmark's financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software.
The Crestmark division is headquartered in Michigan, with additional offices in California, Louisiana, Tennessee, representatives nationwide, and a Canadian foreign representative office.
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.
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Plurilock's Base Shelf Prospectus, Prospectus Supplement, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com. 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 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. [ MORE ] |
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Plurilock Security Solutions Inc.
Victoria (InfoTech)
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