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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. (Nasdaq: WRAP) announced that the exercise period for warrants from its 2019 offering has expired as of June 18, 2021. Out of 2,076,922 warrants issued, approximately 99.9% were exercised, generating around $12.5 million in proceeds, with $12.05 million received in the current fiscal quarter. CFO James Barnes indicated that the capital will support sales growth, product development, and operational costs. The cancellation of the unexercised warrants will remove future dilutive effects on WRAP's public float.
On June 17, 2021, Wrap Technologies, Inc. (WRAP) announced a successful BolaWrap deployment by the Defiance, Ohio Police Department that helped prevent a potential suicide by cop incident. The BolaWrap allowed officers to safely restrain an armed subject without escalating to higher levels of force. This was the third deployment involving BolaWrap by the Department, highlighting its effectiveness in crisis situations. Over 500 agencies in the U.S. and 44 countries are currently testing and using the BolaWrap, emphasizing its growing adoption in public safety.
Wrap Technologies, Inc. (WRAP) announced its participation in the virtual Restraint & Safety International Conference on June 17, 2021. WRAP President & CEO Tom Smith will discuss the BolaWrap® Remote Restraint device, highlighting its effectiveness in non-violent restraint, particularly in healthcare settings. This innovative tool has been adopted by police across multiple states, minimizing risks during confrontations. The conference features experts from the US, UK, Israel, and Australia, focusing on safer restraint methods.
On June 11, 2021, Wrap Technologies, Inc. (WRAP) demonstrated its BolaWrap technology to the Miami Police Department, showcasing its non-lethal capabilities for apprehending suspects. Miami Mayor Francis Suarez experienced the BolaWrap firsthand during a demonstration at City Hall, emphasizing the importance of humane policing tactics. Chief Art Acevedo highlighted that the BolaWrap is not a weapon, but a tool designed to subdue without causing harm. WRAP's BolaWrap is currently in use across over 500 U.S. agencies and 44 countries, signaling significant adoption in public safety solutions.
TEMPE, Ariz., June 10, 2021 – Wrap Technologies (Nasdaq: WRAP) announced the successful deployment of its BolaWrap® Remote Restraint device by the New Kent County Sheriff’s Office in Virginia during a crisis intervention. On April 29, 2021, officers used the device to safely restrain a subject experiencing a mental health crisis without harm, emphasizing the effectiveness of BolaWrap in preventing escalation. The incident highlighted the company's commitment to public safety and the positive impact of its technology in emergency situations.
Wrap Technologies (WRAP) announced the approval of its BolaWrap remote restraint device for sale in Italy, alongside a pilot program extension with LAPD set for Q3 2021. The company reported a significant 123% year-over-year revenue growth for Q1 2021, attributed to strong demand both in the U.S. and internationally. CEO Tom Smith is scheduled to present at the Lytham Partners Summer 2021 Investor Conference from June 14-16, detailing the company's initiatives and financial results.
Wrap Technologies, Inc. (WRAP) recently reported a successful BolaWrap deployment by the Tempe Police Department, capturing the incident on bodycam footage. On May 28, 2021, officers restrained a subject posing a danger while armed with a stun gun without injuries. Chief of Police Jeffrey Glover highlighted the importance of the BolaWrap in de-escalation efforts, especially when dealing with individuals in crisis. Tom Smith, CEO of WRAP, expressed confidence in the BolaWrap's effectiveness as a non-forceful alternative for law enforcement. The footage is available for public viewing.
Wrap Technologies (Nasdaq: WRAP) announced a one-year extension of the BolaWrap pilot program with the LAPD, set to commence in Q3 2021. This decision follows recommendations from the LAPD for more extensive testing due to an earlier insufficient sample size. The program aims to evaluate the BolaWrap device as an innovative public safety tool to assist in de-escalation. Over 500 departments are currently testing the BolaWrap, which has gained international traction, recently being introduced in Italy.
Wrap Technologies announces the BolaWrap technology's launch in Italy. The company, known for innovative public safety solutions, has partnered with local distributor Defconservices to introduce this safe apprehension tool to Italian law enforcement. Despite challenges posed by COVID-19, Defconservices has successfully demonstrated the BolaWrap system to multiple agencies. Training will be conducted by Paolo Grandis, the first certified International Master Instructor. This expansion marks Italy as the 44th country to adopt the BolaWrap technology, a significant step for WRAP's international growth.
Wrap Technologies (Nasdaq: WRAP) announced a remarkable 123% year-over-year revenue growth for Q1 2021, driven by increased demand for its BolaWrap remote restraint device. CEO Tom Smith will present at the LD Micro Invitational XI from June 8-10, 2021, covering the company's products, market interest, and successful pilot programs. The presentation is scheduled for June 10, 2021, at 5:00 p.m. ET. The event will feature approximately 180 companies and esteemed keynote speakers, underscoring significant investor interest in innovative public safety technologies.
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