WRAP Selected Into United Kingdom Ministry of Defence Accelerator Program
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.
- Selected by UK Ministry of Defence for DASA funding.
- Opportunity to develop longer-range remote restraint technology.
- Recognition of BolaWrap as a viable police solution in UK.
- Funding award pending governance requirements, which could delay development.
TEMPE, Ariz., Dec. 10, 2020 (GLOBE NEWSWIRE) -- WRAP Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), an innovator of modern policing solutions, announced today that it bid and was selected by the United Kingdom Ministry of Defence into their Defence and Security Accelerator (DASA) for ‘Advancing Less Lethal Weapons.’
The Defence and Security Accelerator (DASA) finds and funds exploitable innovation to support UK defence and security. DASA sought proposals for innovative technologies that allow law enforcement officers to safely prevent the escalation of conflict from long ranges during serious or violent circumstances. In the first phase of the program, WRAP’s engineering team will focus on developing proof of concept prototypes of longer-range remote restraint solutions.
“We are honored to be selected by DASA to explore and pursue further remote restraint solutions,” said Tom Smith, President and Interim CEO at WRAP. “We believe this selection reflects the value of our technology as well as the confidence in WRAP as a leader in the law enforcement technology space. It further validates the investment we have made in our skilled engineering team.
“This opportunity also gives WRAP and our UK distributor continued exposure to high ranking officials in the United Kingdom Ministry of Defence to help further our efforts towards BolaWrap adoption throughout the United Kingdom.”
In a report on the Efficacy and Safety of BolaWrap published earlier this year, use of force experts in the United Kingdom recommended all frontline officers carry the BolaWrap and that BolaWrap be placed below handcuffs on the use of force continuum.
“This is an important and very exciting step in recognizing the BolaWrap remote restraint technology as a viable solution for police officers in the UK,” said Jags Gill, Director of International Sales at WRAP. “We believe BolaWrap could provide UK police forces and personnel with a tactical advantage when dealing with noncompliant suspects.”
The DASA funding award is pending the completion of relevant governance requirements expected this month.
About WRAP
WRAP Technologies, Inc. is an innovator of modern policing solutions. The Company’s BolaWrap 100 product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar® tether to restrain an individual at a distance from 10 to 25 feet. Developed by award winning inventor Elwood Norris, the Company’s Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement in safely and effectively deescalating encounters, especially those involving an individual in crisis. BolaWrap 100 has already been used to safely apprehend suspects without injury in a number of cities including Los Angeles, Sacramento, Fresno, Bell, Albuquerque, Minneapolis, West Palm Beach, Fort Worth, and Oak Ridge. For information on the Company, please visit www.wrap.com.
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Trademark Information
BolaWrap and Wrap 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.
WRAP Contact:
Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wrap.com
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