Wrap Technologies Receives New and Repeat BolaWrap® Orders
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.
- Received repeat orders from agencies in Texas and New Mexico.
- Total of 240 cartridges ordered by a Texas agency.
- Training programs have successfully prepared over 1200 instructors.
- Continued adoption of BolaWrap products by law enforcement agencies.
- Future revenue reliance on the significantly larger international market.
- Challenges posed by public sentiment towards policing and potential defunding of departments.
TEMPE, Ariz., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, announced today new and repeat domestic orders for BolaWrap® products and accessories.
Recent orders from domestic law enforcement agencies received and expected to ship next month include:
Agency in Texas: repeat order, purchased 240 cartridges
Agency in Louisiana: purchased 50 devices
Agency in North Carolina: purchased 50 devices
Agency in Utah: purchased 39 devices for full deployment (every front-line officer)
Agency in New Mexico: repeat order, purchased 20 more devices
Agency in Georgia: purchased 16 devices
Agency in Arkansas: purchased 15 devices for full deployment (every front-line officer)
Agency in New Jersey: purchased 10 devices
Agency in Kansas: purchased 8 devices
Agency in Virginia: purchased 6 devices
Agency in New Jersey: purchased 5 devices
Agency in Connecticut: purchased 4 devices
University agency in Louisiana: purchased 2 devices
Sheriff Gerald M. Baker of Wake County Sheriff’s Office in North Carolina commented on his agency’s decision to acquire the tool:
“We believe the BolaWrap will be an important tool for our deputies. Situations with noncompliant suspects, especially those who are mentally ill and during civil unrests, can get very complicated very quickly, as we’ve seen across the US in recent months. We all want positives outcomes from these situations and equipping our officers with the BolaWrap can help them simplify these situations by safely ending the encounter before it escalates to where higher levels of force may be required.”
This week, WRAP Training Academy conducted 10 ‘Train the Trainer’ courses across the US, bringing our total number of trained BolaWrap instructors to over 1200.
“We are excited to see a continued increase in training, full deployments of the BolaWrap by departments, and growing repeat orders, all of which we believe reflect commitment to our product,” said Tom Smith, President and Interim CEO of Wrap Technologies. “In light of COVID-19, calls for defunding the police, and national reviews of police department’s policies and procedures, recent domestic activity is an encouraging sign.
“Although we see the bulk of our revenue in the near term coming from the international market, which is 12 times the size of the US market, we are pleased with the continued adoption and use by US agencies.”
Links to recent media appearances of the BolaWrap across the US can be found below:
- Buncome County Sheriff’s, North Carolina
- Little River County Sheriff’s, Arkansas
- Ithaca Police Department, New York
- West Carrollton Police Department, Ohio
- Newnan Police Department, Georgia
- San Mateo County Sheriff’s Office, California
- Columbia County Sheriff’s Office, Oregon
- Cape Coral Police Department, Florida
- Malone Police Department, New York
- Yorktown Police Department, New York
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About WRAP Technologies (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 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.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, Inc.
Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wraptechnologies.com
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