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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 Appoints New CEO and Announces Board Enhancements
On March 8, 2021, WRAP Technologies (NASDAQ: WRAP) appointed Tom Smith as its CEO, moving from interim status. Smith, previously President, boosted sales by 460% in 2020, selling devices to 36 countries. The company plans to add two independent directors within 45 days, reflecting ongoing dialogue with shareholders. Co-founder Scot Cohen praised Smith's experience in public safety. The management change aims to enhance corporate governance and align with WRAP's mission to improve community safety.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported a significant financial performance for 2020. Fourth-quarter net sales reached $1.4 million, a staggering 464% increase year-over-year, with a gross margin of 33%. For the full year, net sales totaled $3.9 million, up 466%, as the company expanded its international presence, selling products to 36 countries. Despite these gains, the company incurred a net loss of $12.6 million for the year. Wrap also highlighted a strong cash position of $41.6 million. The acquisition of NSENA aims to enhance training solutions for law enforcement.
Wrap Technologies (WRAP) announced the deployment of seven new BolaWrap devices by law enforcement agencies in New York, California, Texas, and South Carolina. These deployments, informed to the company in the last two weeks, reflect growing acceptance of BolaWrap as a low-level force option. The President of WRAP, Tom Smith, expressed satisfaction with this trend, noting that many deployments may not be reported to the company. The BolaWrap 100 is designed for safe apprehension of suspects from a distance, aiming to improve policing methods.
Wrap Technologies, Inc. (WRAP) will host a Zoom webcast on March 4, 2021, at 4:30 p.m. Eastern time to discuss its financial and operational results for Q4 and the full year ending December 31, 2020. A press release with these results will be issued before the event. The BolaWrap 100, a product of WRAP, is a patented device designed for modern policing solutions, aiding in safely apprehending individuals from a distance. The device has been used in various cities across the U.S. for de-escalating encounters.
Wrap Technologies, Inc. (WRAP) announced the appointment of Kathleen O’Toole and Sylvia Moir to enhance its public safety technology initiatives. Both retired police chiefs will collaborate on developing a virtual reality training simulator focused on de-escalation, use of force, and officer wellness. O’Toole and Moir bring decades of law enforcement experience and will support research, development, and community engagement. This initiative aligns with WRAP's commitment to innovation in policing and aims to improve officer decision-making and overall public safety.
Wrap Technologies (WRAP) announced significant orders for its BolaWrap® devices, with over 600 units and accessories ordered internationally. Recently, more than 50 new domestic orders were received, highlighting increased interest among law enforcement agencies. BolaWrap was successfully deployed by the San Mateo County Sheriff’s Office to apprehend a noncompliant individual. The company emphasizes its role in enhancing public safety through innovative, non-lethal restraint solutions. Overall, this reflects a growing adoption of their technology across various law enforcement agencies.
WRAP Technologies has announced the completion of an Asset Purchase Agreement with NSENA Inc., enhancing its BolaWrap law enforcement training through immersive 3D scenarios. This acquisition positions WRAP in the virtual reality training market, projected to grow from $204.41 billion in 2019 to $601.85 billion by 2027. NSENA’s platform includes 47 training modules focused on essential skills for law enforcement professionals. The collaboration aims to improve training options for agencies facing increasing public safety demands.
Wrap Technologies, Inc. (WRAP), an innovator in policing solutions, announced a successful deployment of its BolaWrap Remote Restraint device by Beaufort, South Carolina police. The device enabled officers to safely take a subject into custody without injuries. WRAP's BolaWrap 100 is designed to aid law enforcement in de-escalating encounters from a distance of 10 to 25 feet. This deployment follows previous successful uses in multiple cities and aligns with WRAP's commitment to enhancing safety for officers and communities.
WRAP Technologies announced that President and Interim CEO Tom Smith will present at the 13th annual LD Micro Main Event on December 15, 2020, from 1pm to 1:20pm ET. Attendees can access the presentation via a live webcast available on the company’s website. WRAP's innovative BolaWrap 100 is a remote restraint device designed to assist law enforcement in deescalating encounters without harm. The product has been successfully utilized in various cities, enhancing policing solutions. For more details, visit wrap.com.
WRAP Technologies, Inc. (Nasdaq: WRAP) has been selected by the UK Ministry of Defence to participate in the Defence and Security Accelerator (DASA) for its project on 'Advancing Less Lethal Weapons.' The initiative aims to support law enforcement in managing conflicts from a distance. WRAP will develop prototypes for remote restraint solutions. This recognition highlights the company's technology and its potential for adoption in the UK. The DASA funding award is pending governance requirements expected this month.
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