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About Wrap Technologies Inc.
Wrap Technologies Inc. (NASDAQ: WRAP) is a leading innovator in public safety solutions, specializing in advanced tools and technologies designed to enhance law enforcement and security operations globally. Headquartered in Tempe, Arizona, Wrap Technologies focuses on providing non-lethal, de-escalation tools and training systems to address the evolving challenges faced by public safety agencies. By integrating cutting-edge hardware, immersive training platforms, and AI-driven evidence management systems, the company empowers law enforcement professionals to perform their duties safely and effectively while fostering trust within the communities they serve.
Core Offerings
Wrap Technologies' flagship product, the BolaWrap®, is a patented, hand-held remote restraint device that deploys a Kevlar® tether to safely immobilize non-compliant individuals from a distance of 10-25 feet. This innovative tool is specifically engineered to minimize escalation and reduce the risk of injury during confrontations, making it an essential resource for modern policing. The BolaWrap® aligns with the company's guiding principle of 'no-harm,' providing officers with an early intervention option to prevent the need for more forceful measures.
Complementing its hardware solutions, Wrap Technologies offers Wrap Reality™, an advanced virtual reality training system that immerses law enforcement personnel in realistic scenarios to practice de-escalation, conflict resolution, and tactical decision-making. This platform addresses the dynamic nature of public safety situations, equipping first responders with the skills and discipline necessary to achieve safer outcomes. The training programs are certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), further underscoring their credibility and effectiveness.
Additionally, Wrap's Intrensic solution provides a comprehensive body-worn camera and evidence management system. Designed to streamline the capture, storage, and analysis of digital evidence, Intrensic enhances transparency and accountability within law enforcement operations. Features like AI-powered auto-tagging further optimize evidence management, ensuring compliance with retention policies and reducing administrative burdens.
Market Position and Industry Relevance
Operating across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific, Wrap Technologies serves over 1,000 law enforcement agencies in more than 60 countries. Its solutions address critical issues in modern policing, including the need for non-lethal alternatives, advanced training methodologies, and efficient evidence management systems. The company's focus on de-escalation and transparency aligns with global trends demanding accountability and reform in law enforcement practices.
Wrap Technologies differentiates itself through its holistic approach, combining innovative hardware, immersive training, and AI-driven software into an integrated ecosystem. This strategy not only enhances operational effectiveness but also fosters stronger relationships between law enforcement agencies and the communities they serve.
Competitive Landscape
In the competitive public safety technology market, Wrap Technologies faces rivals offering body cameras, training systems, and non-lethal tools. However, its unique emphasis on de-escalation and early intervention, coupled with its comprehensive product ecosystem, positions it as a distinct player. By addressing multiple facets of law enforcement—from field operations to training and evidence management—Wrap provides a cohesive solution that meets the complex demands of modern policing.
Challenges and Opportunities
Wrap Technologies operates in a challenging environment characterized by lengthy sales cycles, regulatory compliance requirements, and the need for widespread adoption among law enforcement agencies. However, the rising demand for non-lethal tools and advanced training solutions presents significant growth opportunities. The company's commitment to innovation, as evidenced by its continuous product development and strategic partnerships, positions it well to capitalize on these trends.
Conclusion
Wrap Technologies Inc. is at the forefront of transforming public safety through its innovative solutions. By equipping law enforcement agencies with tools like the BolaWrap®, immersive VR training platforms, and AI-driven evidence management systems, the company is setting new standards in community policing. Its dedication to fostering safer interactions and building trust underscores its mission to create safer communities worldwide.
Wrap Technologies, Inc. (Nasdaq: WRAP) has announced a significant achievement with a purchase order for its WRAP Reality virtual reality training system from a College Police Department in Pennsylvania. The order marks the largest commercial transaction to date for WRAP’s VR subscription, showcasing the effective use of immersive simulations for training officers in de-escalation tactics. The WRAP Reality system aims to enhance public safety by equipping law enforcement with advanced tools to manage crisis situations safely.
Wrap Technologies, Inc. (NASDAQ: WRAP) announced a major leadership transition to support its growth strategy. CEO Tom Smith and CFO Jim Barnes will step down, with Barnes retiring by year-end. The interim management will be led by L. W. Varner, Jr. as Principal Executive Officer, alongside Glenn Hickman as COO, and Lawrence Hirsh as Senior Advisor. A Special Transition Committee will oversee the leadership search. Wayne Walker has been appointed as the new Chairman of the Board, succeeding Patrick Kinsella. The Board aims to diversify the company's offerings and capitalize on growth opportunities in public safety technologies.
Wrap Technologies (Nasdaq: WRAP) announced a positive outcome from the use of its BolaWrap Remote Restraint device during an incident in Pembroke Pines, Florida, on November 3, 2021. Body cam footage shows officers successfully deploying the device to safely detain an unresponsive individual walking in traffic. CEO Tom Smith emphasized the effectiveness and safety of the BolaWrap, noting increased adoption and education efforts among law enforcement agencies. The company continues to innovate in public safety technologies with products like the BolaWrap and its immersive training system, Wrap Reality.
TEMPE, Ariz., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) announced participation in the Take Aim: Lake Street's Shooting Sports & Public Safety Event on January 26, 2022, at 12:00pm CT. This virtual conference, focusing on investment opportunities in the consumer space, allows institutional investors to engage with executives from multiple publicly traded companies. One-on-one meetings with WRAP management can be scheduled throughout the day. For further details, contact your Lake Street representative.
Wrap Technologies (Nasdaq: WRAP) announced that the Edenton Police Department in North Carolina has successfully integrated its Wrap Reality virtual reality training platform, hosting 10 local departments for demonstrations since its installation in November 2021. The platform aims to improve training efficiency and reduce use-of-force incidents. Following grant funding, Edenton will also expand its capabilities with the next-generation BolaWrap 150 device. Chief Henry King emphasizes the importance of these tools for officer and community safety.
Wrap Technologies (Nasdaq: WRAP) showcased successful use of its BolaWrap Remote Restraint device in a police incident. On December 22, 2021, Glenwood Springs officers employed two BolaWrap devices to safely restrain a noncompliant subject, preventing escalation to physical confrontation. Chief Joseph Deras praised the BolaWrap for minimizing injury risks. The demonstration emphasizes BolaWrap's effectiveness in public safety, aligning with WRAP's mission to enhance community protection through innovative technologies.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced its first order for BolaWrap 150® Remote Restraint devices through the Arizona Municipal Risk Retention Pool (AMRRP), which will fund 50% of the purchase price. This order aims to equip over 1,800 police officers across 60 rural agencies in Arizona. The full deployment includes devices, cassettes, and holsters, expected to ship in Q1 2022. The company is optimistic about the order's potential to reduce excessive force claims and has received five additional requests for quotes from AMRRP members.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced that President and CEO Tom Smith will present at the 24th Annual Needham Virtual Growth Conference on January 11, 2022, at 5:00 pm ET. The conference runs from January 10-14, 2022, and WRAP management will host one-on-one meetings on January 11 and 12. The company is recognized for its innovative public safety technologies, including the BolaWrap remote restraint device and the Wrap Reality training system, designed to aid public safety officials in effective de-escalation and apprehension methods.
Wrap Technologies, Inc. (Nasdaq: WRAP) has announced the international sale of 15,000 cartridges for its BolaWrap 100® remote restraint device, demonstrating a growing commitment to less-lethal force in public safety. This order was received in late December 2021, with revenue expected to be recognized in Q4 2021 and Q1 2022. CEO Tom Smith emphasized the importance of effective training for officers to enhance their use-of-force programs. Wrap Technologies offers innovative solutions and training tools to empower law enforcement and improve community safety.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced the shipment of 100 BolaWrap 150 devices to the Dominican Republic Ministry of Defense, following previous successful demonstrations. The order reflects growing interest in international markets, despite ongoing pandemic challenges. The company aims to bolster law enforcement safety with its innovative restraint technology. The shipment occurred in Q4 2021, signaling continued progress in securing international contracts.
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