WRAP’s New BolaWrap® 150 Device Receives Classification from Royal Canadian Mounted Police (RCMP)
Wrap Technologies (Nasdaq: WRAP) announced that the Royal Canadian Mounted Police (RCMP) has exempted the BolaWrap 150 remote restraint device from being classified as a prohibited device or firearm. This classification comes less than a month after the product's launch and follows the earlier exemption of the BolaWrap 100. Canadian law enforcement, including the Sainte-Anne Police, has begun using the BolaWrap for officers. The company aims to meet training requests from law enforcement across Canada.
- RCMP's quick exemption of BolaWrap 150 boosts market potential.
- Increased adoption by law enforcement like Sainte-Anne Police.
- Company can quickly accommodate demo and training requests.
- None.
RCMP classifies BolaWrap 150 exempt as a prohibited device or firearm
TEMPE, Ariz., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, along with its BolaWrap distributor in Canada, TRAPT Technologies Canada Inc. (www.traptca.com), today announced the Royal Canadian Mounted Police (RCMP) completed the classification request of the next generation BolaWrap 150 remote restraint device. In less than a month, the RCMP released a Firearms Reference Table (FRT) report exempting product sales of the BolaWrap 150 from being classified as a prohibited device or firearm per Section 84(3) of the Canadian Criminal Code.
“Following the classification of the BolaWrap 100 back in August, the RCMP moved quickly to classify the next generation BolaWrap 150 which was just launched last month,” said Michael Harvey, President and Chief Technology Officer of TRAPT Technologies Canada. “The interest continues to build throughout Canada and evidenced by the Sainte-Anne Police already carrying the BolaWrap for its active-duty police officers. With the classification now completed, we will be moving quickly to meet the demo and training requests by Canadian law enforcement throughout the country.”
“I am very pleased with how quickly the RCMP moved to classify the BolaWrap 150 following last month’s product launch,” said Tom Smith, President and CEO of WRAP. “Canadian law enforcement is excited to see the newest generation of the BolaWrap family of products which can help safely prevent escalation in challenging situations involving individuals in crisis.”
The Company previously reported on August 23, 2021, that the RCMP’s classification of WRAP’s first-generation product, BolaWrap 100 remote restraint device, exempt as a prohibited device or firearm.
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.
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in Canada
TRAPT Technologies Canada www.traptca.com
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, including the acceptance of the BolaWrap 150; the risk that distributor and customer orders for future deliveries are modified, rescheduled or cancelled in the normal course of business; 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
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