Wrap Technologies, Inc. Announces Full Deployment of BolaWrap for Fairfax County Police Department
- Full deployment of BolaWrap by the Fairfax County Police Department is a significant milestone
- BolaWrap offers a vital means of de-escalation and conflict resolution in law enforcement encounters
- The deployment showcases Wrap's commitment to providing law enforcement agencies with the tools they need to protect both officers and the communities they serve
- None.
Insights
The announcement by Wrap Technologies regarding the full deployment of BolaWrap by the Fairfax County Police Department signifies a potential increase in demand for non-lethal law enforcement tools. This could lead to an uptick in sales for Wrap Technologies, which may reflect positively on its financial performance and stock valuation. Investors should monitor the company's quarterly earnings reports to gauge the financial impact of such contracts.
Furthermore, as law enforcement agencies continue to seek alternatives to traditional methods, companies like Wrap Technologies could see a broader market opportunity. The successful pilot and subsequent full-scale adoption by a major agency could serve as a strong reference case, potentially influencing other departments to consider similar investments, thereby expanding the total addressable market for the company's products.
From a legal standpoint, the adoption of BolaWrap technology is indicative of a shift towards minimizing the use of force in policing. As public scrutiny of law enforcement practices increases, agencies are looking for ways to reduce liability and improve community relations. The use of non-lethal restraint devices like BolaWrap could potentially decrease the number of injuries and fatalities resulting from police encounters, which in turn could lead to a reduction in legal claims against law enforcement agencies.
This trend towards non-lethal methods could also influence legislation related to law enforcement conduct and equipment standards, potentially creating a more favorable regulatory environment for companies like Wrap Technologies.
The deployment of BolaWrap technology by a major law enforcement agency marks a significant advancement in public safety technology. The device's ability to restrain individuals without causing harm aligns with current de-escalation policies and the growing emphasis on mental health awareness in policing.
As agencies adopt such technologies, there could be increased investment in training and development programs to ensure the effective use of these devices. This could lead to a rise in operational expenses for law enforcement agencies in the short term, but potentially lower costs associated with use-of-force incidents in the long term. Companies that offer comprehensive training and support services for their products may gain a competitive edge in this evolving market.
TEMPE, Ariz., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), the maker of BolaWrap and the innovative public safety solutions platform, is proud to announce a significant milestone in its commitment to public safety with the full deployment of the BolaWrap Remote Restraint device for the Fairfax County Police Department (FCPD) in Fairfax, Virginia. This marks one of the first full deployments of this groundbreaking technology by a major law enforcement agency in the United States.
The decision to implement BolaWrap devices department-wide follows a successful pilot program conducted by FCPD. This full-scale deployment by the FCPD is a significant stride towards creating a safer environment for both officers and the communities they serve. BolaWrap’s utility extends far beyond traditional law enforcement practices, providing a humane and effective response to incidents involving individuals in crisis.
“The Fairfax County Police Department is dedicated to advancing our ability to respond to dynamic situations, prioritizing safety and de-escalation,” said Kevin Davis, Chief of Police of the FCPD. “As we introduce this innovative tool, we expect our overall ability to handle incidents to continue to improve. FCPD remains at the forefront of policing as we work to keep driving our practices forward.”
The deployment of BolaWrap by FCPD is a pivotal moment in advancing community safety, offering an invaluable solution for addressing multifaceted situations, including those entangled with the challenges of mental health and substance abuse. In an era where mental health and substance abuse issues are increasingly intertwined with law enforcement encounters, BolaWrap offers a vital means of de-escalation and conflict resolution.
“We are thrilled to partner with the Fairfax County Police Department in implementing the BolaWrap solution,” said Scot Cohen, CEO of Wrap. “This full deployment showcases our commitment to providing law enforcement agencies with the tools they need to protect both officers and the communities they serve. BolaWrap is a vital component of our mission to advance policing into a new era.”
The widespread attention garnered by BolaWrap reflects a growing recognition of the importance of deploying modern, non-lethal tools in policing. It underscores the collective commitment to finding solutions that prioritize safety, de-escalation, and community well-being, all of which BolaWrap embodies. This deployment is not merely a step forward; it is a leap toward a more secure and compassionate future in law enforcement.
About Wrap
Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships. Driving safer outcomes, empowering public safety and communities to move forward together.
Wrap’s BolaWrap® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar® tether that safely restrains individuals from a distance, mitigating potential risks and injuries, averting tragic outcomes.
Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field.
Wrap Intrensic is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process.
Together, Wrap’s Solutions help foster safer communities globally.
Connect with Wrap:
Wrap on Facebook
Wrap on Twitter
Wrap on LinkedIn
Trademark Information
Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. 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 United States; 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.
Wrap’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.
Investor Relations Contact:
800.583.2652
ir@wrap.com
Media Relations Contact:
Stephen Estes
stephen@outlierpartners.com
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