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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 (Nasdaq: WRAP) has introduced the Wrap Reality ADAPT, an advanced virtual training software for law enforcement, featuring over 6,000 customizable scenarios. This upgrade enhances immersive training by allowing real-world situations to be tailored, providing a highly engaging experience with virtually unlimited scripting. According to CEO TJ Kennedy, this innovation aims to meet the evolving needs of public safety officials, offering a cost-effective solution that ensures ongoing adaptability and significant returns on investment.
Wrap Technologies, Inc. (Nasdaq: WRAP) showcased effective deployment of its BolaWrap® Remote Restraint device by the LaGrange Police Department in Georgia on September 4, 2022. Officers responded to a call regarding a man acting erratically under the influence of drugs. The BolaWrap was successfully used to de-escalate the situation without force. CEO TJ Kennedy highlighted this success as evidence of the device's potential to enhance public safety and minimize injuries during apprehensions. The footage can be viewed online, showcasing real-world applications of the technology.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced a significant advancement in the deployment of its BolaWrap 150 devices with the Los Angeles Police Department (LAPD). The large-scale field deployment involves 500 units across Hollywood and Central divisions, following training conducted in April and May 2022. This initiative aims to enhance officers' ability to de-escalate situations safely without using force, reflecting Wrap's commitment to innovative public safety technology. CEO TJ Kennedy highlighted the partnership's potential to support community policing efforts.
Usio, Inc. has appointed Paul Manley as the new Senior Vice President of Investor Relations, effective August 22, 2022. With over 25 years of experience, including prior roles at Wrap Technologies and leading financial firms, he aims to enhance Usio's investor relations efforts. Louis Hoch, President and CFO, expressed enthusiasm over Manley's expertise, indicating it will help improve stakeholder understanding of the company's strategy and financial performance. Usio specializes in cloud-based integrated payment solutions for various entities, including merchants and banks.
Wrap Technologies (Nasdaq: WRAP) announced a significant international sale of its BolaWrap 150 remote restraint device to a Middle Eastern customer. This marks the agency's first order following a previous purchase from a neighboring state. The company's VP of International Sales highlighted a regional trend towards equipping officers with non-lethal tools, emphasizing the commitment to public safety. Wrap also offers advanced training solutions, including the Wrap Reality virtual training system, aimed at enhancing law enforcement's de-escalation skills.
Wrap Technologies, Inc. (Nasdaq: WRAP) reported its Q2 2022 results, highlighting a net revenue of $1.2 million, down from $1.9 million year-over-year. The company achieved a gross profit of $0.5 million, reflecting a 39% gross margin, compared to a loss in Q2 2021. Operating expenses decreased by 32% to $5.2 million. Trained law enforcement agencies grew by 41% to over 1,130. CEO TJ Kennedy emphasized a strategic roadmap targeting profitability by late 2024 and a break-even cash flow by the end of 2023, leveraging the new BolaWrap 150 product.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced a successful deployment of its BolaWrap remote restraint device by the Columbia County Sheriff’s Office on January 3, 2022. Officers used the device to safely detain a noncompliant subject during adverse weather conditions without injuries to staff or the subject. Sheriff Brian Pixley praised the BolaWrap for aiding in de-escalation, while CEO TJ Kennedy emphasized its role in supporting law enforcement. This incident reinforces BolaWrap's effectiveness as a non-lethal tool in public safety operations.
Wrap Technologies, Inc. (Nasdaq: WRAP) will host a Zoom webcast on August 10, 2022, at 5:00 p.m. Eastern time to discuss its Q2 financial and operational results for the period ending June 30, 2022. The results will be released shortly after market close that day. The call will feature CEO TJ Kennedy, President Kevin Mullins, CFO Chris DeAlmeida, and VP of Investor Relations Paul Manley. Investors can join the event via the provided webcast link or the company's investor relations website.
Wrap Technologies, Inc. (Nasdaq: WRAP) has announced Chris DeAlmeida as the new Chief Financial Officer, succeeding Jim Barnes, who is retiring. DeAlmeida brings extensive experience in financial planning, M&A, and improving profit margins, having previously served as CFO at Encore and Orion Group Holdings. His leadership is expected to enhance Wrap's strategic roadmap as the company continues to innovate in public safety technologies. CEO TJ Kennedy expressed optimism about DeAlmeida's contributions to the company's future growth.
Wrap Technologies, Inc. (Nasdaq: WRAP) announced a sale of its Societal Reentry Virtual Reality Enterprise Platform to the Pennsylvania Department of Corrections. This innovative software aims to assist incarcerated parents in preparing for reunification with their children through immersive VR training. The platform offers customizable scenarios in a 360-degree VR environment, potentially enhancing traditional training methods. Pennsylvania State University will evaluate the effectiveness of this program. CEO TJ Kennedy emphasized the positive impact on reentry and societal issues.
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