WRAP Applauds House Appropriations Committee Report

Rhea-AI Summary

Wrap Technologies (Nasdaq: WRAP) commended the House Appropriations Committee for integrating police reform in the FY 2022 appropriations bill. The report emphasizes the review of virtual reality de-escalation training and humane remote restraint devices to decrease lethal force incidents, especially for individuals with mental health issues. CEO Tom Smith praised bipartisan congressional support for this initiative, underpinning the importance of their technology solutions in advancing law enforcement practices.

Positive

• Bipartisan congressional support for police reform promotes adoption of WRAP's technology.
• Inclusion of virtual reality training in government funding may enhance market demand for WRAP's solutions.

Negative

• None.

Justice Department Funding Bill Highlights Importance of Police Training, Humane Remote Restraint Devices

TEMPE, Ariz., July 20, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, applauded the House Appropriations Committee for including police reform language in a committee report accompanying the Commerce, Justice, Science, and Related Agencies Appropriations Bill for the fiscal year 2022. The report, approved by the committee last Thursday, directs the Department of Justice to review the benefits of virtual reality de-escalation training and humane remote restraint devices as tools for avoiding potentially lethal use of force, particularly with respect to individuals with mental health conditions.

“WRAP has actively been working with bipartisan members of Congress for over a year to highlight the importance of our lifesaving technology solutions as our country grapples with how to improve law enforcement practices,” said Tom Smith, CEO and President of WRAP. “We are grateful to multiple members of Congress, led by our hometown Congressman Greg Stanton and other members of our Arizona delegation, for recognizing training and technology as a priority. We also thank House Appropriations Chairman Rosa DeLauro and Commerce-Justice-Science Subcommittee Chairman Matt Cartwright for their work in advancing this important policy goal.”

Here is a link to the full report, with the specific language discussed above on page 98 under the title “State and Local Law Enforcement Training Grants”:

https://docs.house.gov/meetings/AP/AP00/20210715/113908/HRPT-117-1.pdf

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 does the recent press release from Wrap Technologies highlight regarding police reform?

The press release emphasizes the inclusion of police reform language in the FY 2022 appropriations bill, focusing on virtual reality de-escalation training and humane restraint devices.

How is Wrap Technologies involved in police training reforms as per the press release?

Wrap Technologies is working with Congress to promote their lifesaving technology solutions as essential tools for modernizing law enforcement practices.

What is the significance of the appropriations bill for Wrap Technologies?

The appropriations bill could lead to increased adoption of WRAP's technologies, enhancing their market presence and sales.

When was the press release from Wrap Technologies issued?

The press release was issued on July 20, 2021.

What are the implications of the police training funding for WRAP's stock performance?

The funding for police training may lead to increased demand for WRAP's products, potentially impacting stock performance positively.