Royal Canadian Mounted Police (RCMP) Classification of WRAP’s BolaWrap® Device Expected to Broaden Sales in Canada

Rhea-AI Summary

Wrap Technologies, Inc. (WRAP) announced that the RCMP has classified the BolaWrap 100 as exempt from being a prohibited device or firearm. This August 2021 report allows for easier sales of BolaWrap 100 in Canada, expanding its market accessibility. The device is designed as a de-escalation tool, promoting safer interactions by reducing the potential for injury. Canadian Police Officers will now have access to this tool, which is viewed favorably compared to other restraint methods. The Company emphasizes training for appropriate usage among law enforcement.

Positive

• RCMP's exemption allows easier access to BolaWrap 100 for Canadian law enforcement, expanding market potential.
• BolaWrap 100 is recognized as a non-forceful apprehension tool, promoting safer de-escalation methods.

Negative

• None.

RCMP Classifies BolaWrap 100 exempt as a prohibited device or firearm

TEMPE, Ariz., Aug. 23, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, along with its BolaWrap distributor in Canada, TRAPT Technologies Canada Inc., today announced the RCMP completed a comprehensive product inspection of the BolaWrap 100 remote restraint device. The RCMP released an August 2021 report exempting product sales from being classified as a prohibited device or firearm per Section 84(3) of the Canadian Criminal Code. Firearms and prohibited devices that are not exempt are subject to stringent sale regulations and limitations even to law enforcement.

“We are excited that Canadian Police Officers can now more easily access an appropriate de-escalation tool that does not rely on pain compliance and is specifically designed to decrease the potential for injury of a subject, bystanders, and Officers,” said Michael Harvey, President and Chief Technology Officer of TRAPT Technologies Canada. “Even though the BolaWrap is not classified as a prohibited device or restricted firearm, our focus is on training Canadian Police Services and sworn Peace Officers on the professional use of the BolaWrap 100.”

“This classification of the BolaWrap 100 by the RCMP eases and expands the market for BolaWrap 100 in Canada and recognizes this device for what it is – an apprehension tool,” said Tom Smith, President and CEO of WRAP. “Many U.S. agencies do not consider BolaWrap a use of force, and use of force experts in the United Kingdom place the BolaWrap lower on the Use-of-Force Continuum than handcuffs. We are pleased to see that Canadian Officers now have broad access to the only device designed to provide them with time to safely de-escalate a challenging situations without inflicting pain while providing needed support for individuals in crisis.”

About WRAP
WRAP Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. WRAP develops creative solutions to complex issues and empowers public safety officials to protect and serve their communities through its portfolio of advanced technology and training solutions. 

WRAP’s BolaWrap^® Remote Restraint device is a patented, hand-held pre-escalation and apprehension tool that discharges a Kevlar^® tether to temporarily restrain uncooperative suspects and persons in crisis from a distance. Through its many field uses and growing adoption by agencies across the globe, BolaWrap is proving to be an effective tool to help law enforcement safely detain persons without injury or the need to use higher levels of force.

Wrap Reality, the Company’s virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform providing first responders with the discipline and practice in methods of de-escalation, conflict resolution, and use-of-force to better perform in the field.

WRAP’s headquarters are in Tempe, Arizona. For more information, please visit wrap.com.

Follow WRAP here:
WRAP on Facebook: https://www.facebook.com/wraptechnologies/
WRAP on Twitter: https://twitter.com/wraptechinc
WRAP on LinkedIn: https://www.linkedin.com/company/wraptechnologies/
in Canada
TRAPT Technologies Canada www.traptca.com

Trademark Information
BolaWrap, Wrap and Wrap Reality are trademarks of Wrap Technologies, Inc. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: statements regarding the Company's overall business; total addressable market; and, expectations regarding future sales and expenses. Words such as "expect", "anticipate", "should", "believe", "target", "project", "goals", "estimate", "potential", "predict", "may", "will", "could", "intend", and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce product for its customers; the Company's ability to develop sales for its new product solution; the acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the ability to obtain export licenses for countries outside of the US; the ability to obtain patents and defend IP against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Contact:
Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wrap.com

Media Contact: media@wrap.com

FAQ

What does the RCMP's classification of BolaWrap 100 mean for WRAP?

The RCMP's classification means that BolaWrap 100 is exempt from being classified as a prohibited device, allowing easier sales to law enforcement in Canada.

How does the BolaWrap 100 compare to traditional restraint methods?

The BolaWrap 100 is designed to be a non-pain compliance tool, reducing injury potential compared to traditional restraints like handcuffs.

When was the RCMP report on BolaWrap 100 released?

The RCMP report classifying the BolaWrap 100 was released in August 2021.

What impact does the RCMP's decision have on WRAP's business?

The decision is expected to expand WRAP's market in Canada, facilitating greater access for law enforcement agencies.

What is WRAP's focus following the RCMP's classification?

WRAP's focus is on training Canadian Police Services and Peace Officers on the professional use of the BolaWrap 100.