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WRAP Technologies, Inc. (Nasdaq: WRAP) has been selected by the UK Ministry of Defence to participate in the Defence and Security Accelerator (DASA) for its project on 'Advancing Less Lethal Weapons.' The initiative aims to support law enforcement in managing conflicts from a distance. WRAP will develop prototypes for remote restraint solutions. This recognition highlights the company's technology and its potential for adoption in the UK. The DASA funding award is pending governance requirements expected this month.
WRAP Technologies, Inc. (Nasdaq: WRTC) announced a successful deployment of its BolaWrap® Remote Restraint device by the Virginia Police Department in Minnesota, captured on bodycam. The footage will be publicly released during a webinar on Zoom at 10 am ET. In the webinar, executives will discuss the footage and hold a recorded interview with Chief Nicole Young-Mattson. The BolaWrap 100 is designed to assist law enforcement in deescalating encounters, with successful applications already documented in various cities. For more information, visit WRAP's website.
TEMPE, Arizona, Nov. 30, 2020 – WRAP Technologies (Nasdaq: WRTC) announced a change of its ticker symbol from WRTC to WRAP, effective December 1, 2020. This change aims to enhance brand visibility and recognition among investors, aligning the ticker with the company’s branding strategy. The BolaWrap 100, WRAP's innovative product, is designed for law enforcement to safely deescalate encounters without injury. Shareholders need not take any action regarding the ticker change, as the capital structure remains unchanged.
WRAP Technologies, Inc. (WRTC) launched its new WRAP.com website, showcasing an expanded line of WRAP Armor ballistic shields, including the Level IIIA Patrol Shield and Molle Shield Cover. These products, designed for law enforcement, aim to enhance officer safety during volatile situations. The shields are made from advanced materials, ensuring multi-hit protection and compliance with NIJ 0108.01. The ballistic protection market is projected to grow from $1.7 billion in 2018 to $2.4 billion by 2025. Tom Smith, President and Interim CEO, emphasized the need for accessible protection in uncertain times.
Wrap Technologies (WRTC) announced key enhancements to its sales team with the addition of Directors for Western and Eastern Regional Sales. The company has reported a strong demand for its BolaWrap device, with recent orders from law enforcement agencies including 25 devices in Indiana and 15 in Ohio. As of now, Wrap Technologies has 13 distributors across 49 states, emphasizing a growing support system for increasing sales volume. The BolaWrap is designed to assist in de-escalating encounters and has been successfully employed in various cities for safe apprehensions.
Wrap Technologies (WRTC) announces the appointment of Jags Gill as the new Director of International Sales, effective immediately. Based in London, Gill has over 15 years of experience in sales management within global law enforcement and security. He previously worked at WatchGuard Video and Taser International. His role includes expanding Wrap’s international market presence for BolaWrap, a remote restraint device designed to aid law enforcement. President Tom Smith expressed enthusiasm about Gill's expertise and its potential in enhancing Wrap's global reputation.
Wrap Technologies (WRTC) announced multiple domestic orders for its BolaWrap® products from law enforcement agencies across the U.S., including a repeat order of 240 cartridges from Texas. Other notable orders include 50 devices from Louisiana, North Carolina, and Utah. The company has trained over 1200 instructors through its WRAP Training Academy. Tom Smith, President and Interim CEO, expressed optimism regarding U.S. adoption amidst challenges like COVID-19 and calls for police defunding, while noting that the international market remains crucial for future revenue.
Wrap Technologies, Inc. (Nasdaq: WRTC) reported third-quarter 2020 results, achieving net sales of $1.0 million, a 275% increase year-over-year. The company maintains a 32% gross margin and holds $45.1 million in cash and investments. The backlog stands at $1.1 million. Interim CEO Tom Smith highlighted the strong visibility for safer policing solutions, with over 100 new agencies trained. However, ongoing challenges from the COVID-19 pandemic and civil unrest may impact future growth.
Wrap Technologies (Nasdaq: WRTC) has appointed Tom Smith as Interim CEO following Marc Thomas' resignation from the position, effective October 27, 2020. Smith, who has 27 years of industry experience, aims to enhance growth and promote the use of the BolaWrap, a remote restraint device designed to help law enforcement de-escalate situations. The company will conduct a 3Q earnings call today at 4:30 PM ET, featuring Smith, CFO Jim Barnes, and VP of Investor Relations Paul Manley. For details, visit the company’s investor relations page.
Wrap Technologies, Inc. (WRTC) will host a live Zoom webcast on October 29, 2020, at 4:30 p.m. ET to discuss third-quarter financial and operational results ending September 30, 2020. The event will feature management insights and a Q&A session. The company anticipates releasing results via a press release before the webcast. Wrap's BolaWrap 100 device is designed to assist law enforcement in safely de-escalating situations. Interested participants can RSVP via Wrap's investor relations website.
