WRAP Announces Two New International Orders
Wrap Technologies has received two new international orders for its BolaWrap remote restraint devices, expanding its market presence to 37 countries. The recent orders include 270 BolaWrap devices and accessories for a new country and a reorder of 300 devices. These orders, received in Q1, showcase the growing international interest in WRAP's products despite challenges posed by COVID. Shipping is expected to continue through Q2, reinforcing WRAP's capability to adapt in a changing global landscape.
- Two international orders received for a total of 570 BolaWrap devices, indicating strong demand.
- Expansion of WRAP's international footprint to 37 countries, highlighting global interest in safety technologies.
- Adaptability of WRAP's team in supporting sales and distribution during pandemic restrictions.
- None.
Orders include BolaWrap remote restraint devices for a new country, WRAP footprint now in 37 countries
TEMPE, Ariz., April 05, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, announced today two new international orders for BolaWrap® products and accessories.
WRAP received a new international order for 270 BolaWrap devices and accessories, as the Company builds its global presence to 37 countries. Separately, WRAP also received a reorder for 300 BolaWrap devices plus accessories.
“Just as many domestic police departments are recognizing the value of BolaWrap, increasing interest in our products outside the U.S. demonstrates the need for our safety technologies,” said Tom Smith, CEO and President of WRAP. “International business interest and activity continues despite ongoing international travel restrictions due to COVID. I am very pleased by the way the WRAP team has adapted to support our international distributors and customers during this challenging period.”
The orders were received in Q1. Some of the product shipped during Q1, and the balance is expected to ship during Q2.
About WRAP
WRAP Technologies (Nasdaq: WRAP) is a global leader in innovating public safety technologies and services that deliver advanced solutions focused on avoiding escalation. The BolaWrap® Remote Restraint device, WRAP's first product, is a patented, hand-held device that discharges a Kevlar® tether to temporarily restrain from a safe distance. Through many field uses and growing adoption by agencies worldwide, BolaWrap is proving to be an effective tool to safely detain persons without injury. WRAP Reality, the Company's virtual reality training system, is an immersive training simulator and comprehensive public safety training platform designed to empower first responders with the necessary knowledge to perform in the field. WRAP's headquarters are located 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 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 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
FAQ
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