Wrap Announces Five Year Subscription Sale of Wrap Reality Virtual Reality Training Software

Rhea-AI Summary

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.

Positive

• Secured a five-year purchase order for Wrap Reality from a County Sheriff’s Office.
• Initial demo in March 2022 successfully showcased the effectiveness of the training system.
• The contract signifies strong market trust in the company's virtual reality solutions.

Negative

• None.

TEMPE, Ariz., May 23, 2022 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced that it has received a purchase order for Wrap Reality, the Company’s fully immersive, virtual reality training simulation system from a County Sheriff’s Office in Kentucky.

The initial demonstration of the Wrap Reality virtual reality training system took place in March of 2022 and highlighted the benefits of realistic roleplaying scenarios through the company’s immersive simulator, enabling officers to implement de-escalation tactics to practice successfully ending situations without injury. The software subscription contract is multi-year and has a duration of five years.

“The length of this contract indicates the trust that the market has in the ability of our virtual reality software to deliver valuable law enforcement training,” said Wrap CEO, TJ Kennedy. “We will continue to develop innovative software solutions that improve the resolution of conflicts safely for public safety.”

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.

Connect with Wrap:
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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 successful 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 impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties 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 is the recent contract secured by Wrap Technologies (WRAP)?

Wrap Technologies has secured a five-year purchase order for its Wrap Reality virtual reality training system from a County Sheriff’s Office in Kentucky.

When was the initial demonstration of Wrap Reality held?

The initial demonstration of Wrap Reality took place in March 2022.

How does Wrap Reality benefit law enforcement training?

Wrap Reality benefits law enforcement training by providing realistic role-playing scenarios to practice de-escalation tactics and conflict resolution.

What does CEO TJ Kennedy say about the new contract?

CEO TJ Kennedy highlighted that the length of the contract indicates strong trust in the ability of their virtual reality software to deliver valuable law enforcement training.