Welcome to our dedicated page for Wrap Technologies news (Ticker: WRAP), a resource for investors and traders seeking the latest updates and insights on Wrap Technologies stock.
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 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.
Wrap Technologies, Inc. (Nasdaq: WRAP) has released new body cam footage showcasing the effective use of its BolaWrap 150 device by Avon Police in a knife-related incident. On June 30, 2022, officers were able to safely detain a threatening individual without injury using the BolaWrap, which prevented the need for higher levels of force. Chief Greg Daly highlighted the device's role in de-escalating potentially violent situations. CEO TJ Kennedy praised law enforcement's commitment to innovative safety solutions, emphasizing the BolaWrap's effectiveness in public safety.
Wrap Technologies, Inc. (Nasdaq: WRAP) has announced the sale of its Societal Reentry Virtual Reality Software to a corrections agency in Ohio, marking a milestone in its expansion into virtual reality software markets. This software aims to teach coping skills to incarcerated individuals through immersive training. CEO TJ Kennedy expressed optimism about increased adoption by corrections agencies, highlighting the program's potential in aiding re-integration into society.
Wrap Technologies, Inc. (Nasdaq: WRAP) highlights a successful deployment of its BolaWrap Remote Restraint device on June 3, 2022. In a domestic dispute, officers from Northern York County Regional Police utilized the BolaWrap to safely detain a volatile subject without physical confrontation. The incident showcased the effectiveness of the BolaWrap, with no injuries reported to either the officers or the subject. Chief David Lash praised the device's capacity for de-escalation, emphasizing the importance of training and proper usage. The footage of the incident is available for viewing online.
Wrap Technologies, Inc. (Nasdaq: WRAP) will hold its virtual-only 2022 annual meeting of stockholders on June 23, 2022, at 9:00 A.M. PT. Stockholders of record as of April 25, 2022, can attend and participate via a provided link or by phone. The company encourages early voting by today's 5:00 P.M. PT deadline. Additional details are available in the definitive proxy statement filed on April 30, 2022. Wrap specializes in public safety technologies, offering products like the BolaWrap® Remote Restraint device and the Wrap Reality training system, aimed at enhancing law enforcement operations.
Wrap Technologies (Nasdaq: WRAP) has received an official endorsement from the National De-escalation Training Center (NDTC) for its BolaWrap Remote Restraint technology. The NDTC, a leader in law enforcement training, recognizes BolaWrap as a significant advancement in safe de-escalation practices. This endorsement highlights Wrap's commitment to innovation in public safety, as BolaWrap helps law enforcement officers safely restrain individuals from a distance, reducing the necessity for force. Wrap’s CEO, TJ Kennedy, expressed pride in the endorsement by the top source for de-escalation training.
Wrap Technologies (Nasdaq: WRAP) has appointed Carlos Casas as the new Vice President of Sales & Marketing. With over 24 years of experience in sales and marketing across various sectors, including law enforcement and technology, Casas aims to implement a global sales strategy to meet increasing market demand for de-escalation solutions. Wrap's President, Kevin Mullins, expressed enthusiasm about Casas' diverse skill set and growth experience, emphasizing the company's focus on enhancing public safety through innovative technologies like the BolaWrap.
Wrap Technologies, Inc. (Nasdaq: WRAP) will present at the LD Micro by SRAX Invitational XII from June 7 to 9, 2022, at Four Seasons, Westlake Village, California. Management will present on June 8 at 1:00 PM PT and will be open for one-on-one meetings. Wrap focuses on innovative public safety technologies, including the BolaWrap® Remote Restraint device and Wrap Reality, a virtual reality training platform. These tools promote safe law enforcement practices by enabling officers to manage uncooperative individuals without resorting to higher levels of force.
Wrap Technologies, Inc. (Nasdaq: WRAP) has secured a five-year purchase order for its Wrap Reality virtual reality training system from a County Sheriff’s Office in Kentucky. The training tool aims to enhance law enforcement skills in de-escalation tactics through immersive simulations. The initial demo in March 2022 showcased its effectiveness in safely managing potential conflicts. CEO TJ Kennedy emphasized the significance of this long-term contract, reflecting market confidence in their training solutions.
Wrap Technologies, a leader in public safety technologies, reported a net revenue of $1.6 million for Q1 2022, reflecting a 3.7% increase from the prior year. The company achieved a gross margin of 42%, up from 39% year-over-year. Wrap appointed TJ Kennedy as CEO and Kevin Mullins as President, marking a new leadership phase. Despite incurring $0.4 million in promotional discounts for product upgrades, gross profit grew by 10% to approximately $0.7 million. The company anticipates continued sales growth and reduced promotional costs in the coming quarters.
FAQ
What is the current stock price of Wrap Technologies (WRAP)?
What is the market cap of Wrap Technologies (WRAP)?
What does Wrap Technologies, Inc. do?
Where is Wrap Technologies headquartered?
What is BolaWRAP® 150?
What is Wrap Reality™?
What is the Intrensic solution?
How many agencies use Wrap Technologies' products?
Who is Wrap Technologies' partner in the Asia-Pacific region?
What is AI Auto-Tagging in the Intrensic system?
How can I contact Wrap Technologies for investor relations?
Where can I find more information about Wrap Technologies?
