Wrap Technologies Expands Domestic Presence with Inaugural Orders from Nevada and Arkansas

Rhea-AI Summary

Wrap Technologies (Nasdaq: WRTC) has announced its first purchase orders for BolaWrap products from law enforcement agencies in Nevada and Arkansas. Since July 1st, the company has received initial and repeat orders from agencies across 13 states, totaling over 215 agencies nationwide. Despite a 67-day training interruption due to COVID-19, the Wrap Training Academy has conducted 66% more trainings this year compared to 2019. The company is seeing increasing demand for BolaWrap training, with many agencies hosting regional training events.

Positive

• First purchase orders for BolaWrap from Nevada and Arkansas agencies.
• Over 215 agencies across 44 states now equipped with BolaWrap devices.
• 66% increase in training sessions year-to-date compared to 2019.
• 329% increase in training sessions during July and August compared to 2019.
• Growing demand for BolaWrap training as agencies host regional events.

Negative

• None.

TEMPE, Ariz., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC) announced its first purchase orders for BolaWrap products and accessories from agencies in the states of Nevada and Arkansas. Since July 1^st, the Company has received initial and repeat purchase orders from law enforcement agencies across 13 states. As a result, more than 215 agencies across 44 states now have BolaWrap devices.

“We are very encouraged by the expansion of our domestic presence and our improving market position as more agencies across the United States continue to adopt the BolaWrap,” said Tom Smith, President of Wrap Technologies. “The progression is similar to what I personally witnessed as the law enforcement community adopted the TASER. Initially, agencies attend demonstrations of a new product. Then, they are trained with the device and purchase products for field testing before ultimately outfitting their entire agency. It’s exciting to see a growing flow of initial and repeat orders placed by agencies for the BolaWrap as they move towards outfitting their frontline officers.”

Despite a 67 day interruption of BolaWrap training due to COVID-19, Wrap Training Academy has conducted 66% more trainings year-to-date than it did in the entirety of 2019 and 329% more trainings during the months of July and August this year relative to 2019.

In July of this year, the Cincinnati Police Department and Hamilton County Police Department, two large agencies in Ohio, attended BolaWrap demonstrations. As a follow-on commitment, each department recently received BolaWrap training and are now beginning field trials.

Heather McEntire, Training Coordinator at Wrap Technologies, commented, “The demand for BolaWrap training continues to grow. More recently, many agencies have volunteered to host regional ‘Train-The-Trainers’ events, enabling trainers from other local agencies to also receive training. Having multiple agencies attend trainings together has not only improved our training efficiency, but it also demonstrates the eagerness of the law enforcement community to add our BolaWrap remote restraint device to their belts.”

A selection of recent local media coverage of U.S. agencies and the BolaWrap can be viewed below:

Cincinnati Police Department
Novato Police Department
Morris County Police Department
Redwood Falls Police Department
Gary Police Department
Hutchinson City Police Department

About Wrap Technologies (Nasdaq: WRTC)
Wrap Technologies 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 by agencies in 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.wraptechnologies.com.

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 TECHNOLOGIES CONTACT:
Paul M. Manley
VP – Investor Relations
612-834-1804
pmanley@wraptechnologies.com

FAQ

What recent purchase orders did Wrap Technologies announce for WRTC?

Wrap Technologies announced its first purchase orders for BolaWrap products from law enforcement agencies in Nevada and Arkansas.

How many agencies currently use BolaWrap devices from WRTC?

More than 215 agencies across 44 states have adopted BolaWrap devices.

What is the increase in training sessions at Wrap Training Academy for WRTC?

The Wrap Training Academy has conducted 66% more training sessions year-to-date than in 2019.

How did the COVID-19 pandemic affect Wrap Technologies' training?

There was a 67-day interruption in BolaWrap training due to COVID-19.

What future developments are expected for WRTC's BolaWrap product?

The company expects continued growth in adoption and training of the BolaWrap as more agencies express interest.