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Wrap Technologies, Inc. (Nasdaq: WRAP) is at the forefront of developing non-lethal public safety technologies. Headquartered in Tempe, Arizona, the company is renowned for creating innovative solutions tailored for law enforcement and security personnel across the globe. One of its flagship products, the BolaWRAP® 150 Remote Restraint Device, is a patented handheld tool that deploys a Kevlar® cord to safely restrain individuals from a distance of 10-25 feet. This device addresses the critical need for non-violent de-escalation in tense situations, making it an essential tool for over 900 agencies in the US and 60 countries worldwide.
Wrap Technologies is committed to creating safer communities through its diverse product lineup. The Wrap Reality™ virtual reality training system offers a fully immersive experience, providing first responders with realistic scenarios to hone their skills and improve decision-making in the field. This innovative platform significantly enhances public safety training by addressing the dynamic nature of modern law enforcement situations.
Adding to its portfolio, Wrap's Intrensic solution is a comprehensive body-worn camera and evidence management system. This platform ensures the accurate capture, secure handling, and reliable storage of evidence, fostering greater trust and transparency in law enforcement procedures. With features like AI Auto-Tagging, which leverages advanced machine learning to streamline video analysis, the Intrensic system supports compliance and reduces operational costs.
Wrap Technologies has established strategic partnerships to expand its reach and impact. Notably, its collaboration with Kokusai Security in the Asia-Pacific region aims to promote the adoption of Wrap's products, bolstering public safety and operational effectiveness across new markets.
Recent achievements of the company include the continued refinement and deployment of its BolaWRAP® device, advancements in virtual reality training through Wrap Reality™, and ongoing enhancements to the Intrensic platform. With a steadfast focus on innovation, Wrap Technologies remains dedicated to equipping law enforcement and security personnel with the tools they need to perform their duties safely and effectively.
For further details, visit wrap.com or contact their Investor Relations at 800.583.2652 or via email at ir@wrap.com.
Wrap Technologies, Inc. (WRAP) has announced that Hillsborough County Sheriff’s Office will deploy 165 BolaWrap Remote Restraint Devices after a successful pilot program. The devices were demonstrated as effective in de-escalating crisis situations through released bodycam footage. Sheriff Chad Chronister emphasized the importance of the BolaWrap in enhancing de-escalation techniques within law enforcement. The company's BolaWrap technology aims to improve public safety interactions and reduce reliance on more severe force methods.
Wrap Technologies, Inc. (WRAP) announced a follow-on international order for 1,500 BolaWrap devices, marking the largest order in its history. This order stems from a prior demonstration conducted virtually through Zoom, illustrating the effective adaptation of sales strategies during the pandemic. The order was received in Q2 2021, with part of it shipped in that quarter and the remainder expected to be fulfilled in the second half of the year. WRAP's BolaWrap technology aims to enhance safety in law enforcement by providing a non-lethal option for restraining individuals.
Wrap Technologies (WRAP) has partnered with Amazon Web Services (AWS) to enhance its Wrap Reality platform using AWS GovCloud (US). This collaboration aims to streamline the development of a Virtual Reality training system for law enforcement, providing consulting services and expert access. The CEO, Tom Smith, emphasized the importance of AWS's extensive support and cloud services for innovative law enforcement training. The partnership is expected to accelerate WRAP's product roadmap and improve experiences for law enforcement agencies.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported a strong second quarter with revenue growth of 132% year-over-year, reaching $1.9 million. The company saw a 27% sequential increase from the previous quarter. Despite a gross loss of $0.1 million due to a one-time expense of $0.7 million, gross profit would have been $0.7 million, or 36%. Trained agencies increased by 85%, and certified instructors grew by 106%. The company generated $12.0 million in cash through warrant exercises. Management remains optimistic despite ongoing international travel restrictions.
Wrap Technologies (Nasdaq: WRAP) commended the House Appropriations Committee for integrating police reform in the FY 2022 appropriations bill. The report emphasizes the review of virtual reality de-escalation training and humane remote restraint devices to decrease lethal force incidents, especially for individuals with mental health issues. CEO Tom Smith praised bipartisan congressional support for this initiative, underpinning the importance of their technology solutions in advancing law enforcement practices.
Wrap Technologies, Inc. (Nasdaq: WRAP) will host a Zoom webcast on July 29, 2021, at 4:30 p.m. Eastern to discuss its financial and operational results for Q2 2021. The call will feature CEO Tom Smith, CFO Jim Barnes, and new COO Glenn Hickman. A Q&A session will follow the prepared remarks. Interested parties can register via the provided link and access the live webcast through the Company's Investor Relations page. Wrap Technologies focuses on public safety technologies, including the BolaWRAP device and WRAP Reality training system, enhancing law enforcement capabilities.
Wrap Technologies, Inc. (WRAP) has been accepted as a signatory member of the United Nations Global Compact, joining over 9,000 companies worldwide. This commitment aligns with WRAP's Environmental, Social, and Governance (ESG) program, showcasing their dedication to public safety through innovative technology solutions. CEO Tom Smith emphasized that the Global Compact’s guidelines resonate with their mission to enhance community safety and integrity. The company's BolaWRAP® device provides an effective, non-injurious means of detaining individuals, reinforcing WRAP's role in law enforcement.
Wrap Technologies, Inc. (WRAP) announced Glenn Hickman as the new Chief Operating Officer, succeeding retiring CTO Woody Norris. Hickman, previously with Axon Enterprises, is tasked with advancing WRAP’s product lines, including the BolaWRAP. His extensive background in R&D and manufacturing is expected to enhance operations. Norris, who has a notable career with over 80 patents, will act as a strategic consultant focusing on innovation. This leadership transition aims to foster growth in public safety technologies.
Wrap Technologies (Nasdaq: WRAP) announced that the Princeton Police Department will utilize its WRAP Reality Virtual Training Platform for law enforcement training. This platform provides immersive training scenarios focusing on skills like de-escalation and community policing. The virtual training market is expected to grow from $204.41 billion in 2019 to $601.85 billion by 2027. The collaboration aims to enhance officer preparedness and improve critical decision-making skills, marking a significant step in modern police training.
Wrap Technologies, Inc. (WRAP) will hold its virtual 2021 annual meeting of stockholders on June 22, 2021, at 9:00 A.M. PT. Stockholders as of April 26, 2021, can attend via a provided link or phone. Voting and proxy submissions are encouraged before the 5:00 P.M. PT deadline on June 21, 2021. The company emphasizes participation and has made details available through its proxy statement filed on April 30, 2021. Wrap Technologies is known for its innovative public safety solutions, including the BolaWrap device and WRAP Reality training system.
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