Quantum eMotion to Acquire Plurilock in Cybersecurity Deal

Quantum eMotion Corp. and Plurilock Security Inc. have announced a definitive arrangement agreement, under which Quantum eMotion Corp. will acquire all issued and outstanding common shares in the capital of Plurilock Security Inc. (Plurilock), either directly or indirectly through a wholly-owned subsidiary of Quantum eMotion Corp. (QeM). The proposed acquisition is expected to add an established cybersecurity revenue base and operating platform to QeM, including enterprise and government customer relationships, public-sector procurement channels, cybersecurity services, sales and delivery capabilities, and intellectual property in AI-centric cybersecurity, risk analysis, authentication, and identity.

The aggregate consideration for the acquisition is approximately C$33.8 million, consisting of approximately 30% cash and 70% common shares in the capital of QeM. Plurilock shareholders will receive C$0.084 in cash and 0.0763 of a QeM share for each Plurilock share, implying a total consideration of C$0.28 per Plurilock share. This consideration represents an implied premium of approximately 100% to Plurilock's 20-trading-day volume-weighted average price on the TSX Venture Exchange as of September 25, 2026.

Plurilock, with a 25-plus-year operating history, serves hundreds of public- and private-sector customers, with procurement and contract vehicles across Canada, the United States, and NATO. The acquisition will allow QeM to leverage Plurilock's existing customer relationships, sales channels, and delivery capabilities, as well as its AI-driven cybersecurity technologies. The combined company will be led by QeM's President and CEO, Francis Bellido, and will retain the full QeM team while adding senior Plurilock leaders Ian L. Paterson and Veera Singh, CPA, to fulfill the roles of Executive Vice-President and Senior Vice-President, respectively.

The acquisition is intended to accelerate QeM's transition from primarily developing and validating quantum-secure technologies toward a broader commercial cybersecurity business. The combined company will pursue a disciplined cross-selling and integration strategy, initially focusing on customer segments where QeM's technologies address defined security requirements and can be introduced through Plurilock's existing relationships and procurement channels.

The strategic benefits of the acquisition for QeM shareholders include the addition of an established revenue-generating cybersecurity platform with sales, delivery, and customer-support infrastructure. For Plurilock shareholders, the acquisition provides participation in the combined company's quantum-safe cybersecurity strategy, including QeM's quantum random number generation, cryptographic, and quantum-secure technology portfolio. Additionally, Plurilock shareholders will receive immediate cash consideration and the potential for an enhanced capital-markets profile through QeM's U.S. exchange listing and existing U.S. capital-markets presence.

The combined company aims to leverage Plurilock's established commercial platform with QeM's technology portfolio and capital-markets profile, creating a larger and more diversified cybersecurity company with both technology-development and commercial-delivery capabilities. The acquisition also allows Plurilock shareholders to retain participation in the future growth of the combined company through the share component of the Arrangement consideration, while also receiving immediate cash consideration.

QeM, a developer of quantum-secure cybersecurity technologies, and Plurilock, a cybersecurity company with a 25-plus-year operating history, have entered into a definitive arrangement agreement to combine their operations. The acquisition will add an established cybersecurity revenue base and operating platform to QeM, including enterprise and government customer relationships, public-sector procurement channels, cybersecurity services, sales and delivery capabilities, and intellectual property in AI-centric cybersecurity, risk analysis, authentication, and identity. The combined company will retain the full QeM team while adding senior Plurilock leaders to fulfill the roles of Executive Vice-President and Senior Vice-President. The acquisition is intended to accelerate QeM's transition from primarily developing and validating quantum-secure technologies toward a broader commercial cybersecurity business with existing revenues, customers, sales channels, and delivery capabilities. The combined company will pursue a disciplined cross-selling and integration strategy, initially focusing on customer segments where QeM's technologies address defined security requirements and can be introduced through Plurilock's existing relationships and procurement channels. The acquisition provides strategic benefits to QeM shareholders, including the addition of an established revenue-generating cybersecurity platform with sales, delivery, and customer-support infrastructure. For Plurilock shareholders, the acquisition provides participation in the combined company's quantum-safe cybersecurity strategy, including QeM's quantum random number generation, cryptographic, and quantum-secure technology portfolio. Additionally, Plurilock shareholders will receive immediate cash consideration and the potential for an enhanced capital-markets profile through QeM's U.S. exchange listing and existing U.S. capital-markets presence. The acquisition allows Plurilock shareholders to retain participation in the future growth of the combined company through the share component of the Arrangement consideration, while also receiving immediate cash consideration.