- Plurilock Security ( OTCQB:PLCKF ) said Tuesday it will acquire , through its unit Aurora Systems Consulting, certain assets of Atrion Communications ( ATRI ) for $3.7M.
- The amount comprises $2M in cash payable on closing and $500K in cash payable 90 days after closing.
- It also includes ~1.3M shares of Plurilock ( OTCQB:PLCKF ), issuable at closing and ~1.3M shares of Plurilock ( OTCQB:PLCKF ), issuable 1 year after closing at C$0.30.
- The purchaser shares will be subject to a statutory hold period starting once the deal closes and will expire 4 months after closing.
- The deal also includes future based performance-based earnout payments, where up to $600K in cash may be paid to ATRI. These be done in 3 equal annual earnout payments after the deal closes.
- The deal is expected to equip ATRI to further serve clients with cybersecurity solutions by leveraging PLCKF's zero trust identity technology and sales distribution channels.
- The deal will help PLCKF expand its geographic footprint, facilitate access and ongoing growth opportunities, and expand its East Coast-American operations.
- ATRI's management will remain in place.
- PLCKF plans to continue to be active in evaluating other acquisition targets.
For further details see:
Plurilock Security to buy certain assets of Atrion Communications for $3.7M