WRAP Announces First International Shipment of its Next-Generation BolaWrap 150 Remote Restraint Devices
Wrap Technologies, Inc. (Nasdaq: WRAP) announced the first international shipment of its BolaWrap 150® remote restraint device on December 27, 2021. This shipment follows successful live demonstrations held in October 2021, highlighting the device's innovative features for public safety. Jags Gill, VP of International Sales, emphasized the growing demand for the technology despite international travel challenges. The BolaWrap 150 is designed to safely restrain individuals from a distance, marking a significant step in public safety technology.
- First international shipment of BolaWrap 150 enhances global market presence.
- Successful live demonstrations in October increased demand for the device.
- BolaWrap 150 aims to improve public safety without physical injury.
- Challenges in securing international approvals due to travel restrictions.
- Risks related to the acceptance and implementation of the BolaWrap technology.
TEMPE, Ariz., Dec. 27, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced the first international shipment of its next-generation technology, the BolaWrap 150® remote restraint device.
The order follows the live demonstrations showcasing the benefits and features of the device that were given in October 2021.
“The positive momentum in the demand for our technology and the partnership with our trusted distributor were equally pivotal in securing the approval for this shipment, given challenges in restricted international travel,” said Jags Gill, WRAP Vice President of International Sales. “We are extremely proud of the success in bringing the new BolaWrap 150 to market and continuing our commitment of placing innovative solutions into the hands of those who keep our global communities safe.”
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.
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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, including the acceptance of the BolaWrap 150; the risk that distributor and customer orders for future deliveries are modified, rescheduled or cancelled in the normal course of business; 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
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