WRAP Announces Largest Single Purchase Order for BolaWrap® Remote Restraint Devices

Rhea-AI Summary

Wrap Technologies, Inc. (WRAP) announced a follow-on international order for 1,500 BolaWrap devices, marking the largest order in its history. This order stems from a prior demonstration conducted virtually through Zoom, illustrating the effective adaptation of sales strategies during the pandemic. The order was received in Q2 2021, with part of it shipped in that quarter and the remainder expected to be fulfilled in the second half of the year. WRAP's BolaWrap technology aims to enhance safety in law enforcement by providing a non-lethal option for restraining individuals.

Positive

• Received the largest single order for 1,500 BolaWrap devices, enhancing market presence.
• Demonstrated effective remote sales strategy during pandemic, showcasing adaptability.

Negative

• None.

Follow-On International Order for 1,500 BolaWrap Devices Subsequent to Virtual Demonstration

TEMPE, Ariz., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, is pleased to announce a follow-on international order for 1,500 BolaWrap® products and accessories. The order is the single largest received by the Company to date.

“This customer had ordered demonstration BolaWrap devices previously and is now expanding the use of our technology as their Ministry looks to prevent escalation of force,” said Tom Smith, CEO and President of WRAP. “We initially utilized Zoom to virtually demonstrate BolaWrap and its benefits with our distributor to the end-user. This order illustrates how law enforcement agencies around the world are still able to understand the value of our technology despite presenting virtually with our distributors during the global pandemic. We will continue driving our international sales moving forward with the support of our local distributors.”

WRAP received the order for its BolaWrap in the second quarter of 2021, which was partially shipped in that period. The Company expects to fulfill the remainder during the second half of this year.

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/

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 is the significance of the 1,500 BolaWrap devices order for WRAP?

This is the largest order WRAP has received to date, indicating strong demand for its technology.

When was the 1,500 BolaWrap devices order received?

The order was received in the second quarter of 2021.

How does WRAP conduct demonstrations of its BolaWrap technology?

Demonstrations have been successfully conducted virtually using Zoom, allowing potential customers to see the product's benefits.

What does WRAP expect for the fulfillment of the BolaWrap order?

The company expects to fulfill the remainder of the order during the second half of 2021.

What does the BolaWrap device aim to achieve in law enforcement?

It aims to provide a non-lethal means of temporarily restraining individuals, thereby enhancing safety and reducing the need for force.