Wrap Announces Sale of Wrap Reality Societal Reentry Enterprise Platform

Rhea-AI Summary

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.

Positive

• Sale of Societal Reentry Virtual Reality Platform to Pennsylvania Department of Corrections.
• Innovative VR technology designed to support incarcerated parents in reintegrating into family life.
• Real-time customization of training scenarios enhances the training experience.
• Collaboration with Pennsylvania State University to evaluate training effectiveness.

Negative

• None.

TEMPE, Ariz., July 21, 2022 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced a sale of its Societal Reentry Virtual Reality Enterprise Platform to the Pennsylvania Department of Corrections.

The reentry and rehabilitation software is a product line of the Company’s Wrap Reality virtual reality training system and is designed to prepare incarcerated individuals, who are parents, for various situations and questions from their children. Wrap Reality’s Societal Reentry solution is an immersive, 360-degree VR environment offering multiple real-life scenarios created specifically for reentry to family and society. The Pennsylvania Department of Corrections parenting staff can customize the situations the parent is presented with in real time. Pennsylvania State University will evaluate how this form of training can improve upon traditional classroom training.

“We are pleased to see that our virtual reality software may have a positive impact on helping incarcerated individuals prepare to reunite with their children,” commented Wrap CEO, TJ Kennedy. “Wrap continues to innovate for Corrections agencies and offer more ways to help with societal issues.”

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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Wrap on LinkedIn

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 Societal Reentry Virtual Reality Enterprise Platform by Wrap Technologies?

It is a VR training software designed to help incarcerated individuals prepare for reunification with their children.

When was the sale of the Societal Reentry Platform announced?

The sale was announced on July 21, 2022.

What benefits does the VR training offer to the Pennsylvania Department of Corrections?

The VR training offers immersive, customizable scenarios for better preparation of incarcerated parents.

How does the Pennsylvania State University factor into Wrap's VR program?

Pennsylvania State University will evaluate the effectiveness of the VR training compared to traditional methods.

What is the stock symbol for Wrap Technologies?

The stock symbol for Wrap Technologies is WRAP.