TEMPE, AZ / ACCESSWIRE / June 15, 2020 / Wrap Technologies, Inc. (the "Company" or "Wrap") (NASDAQ:WRTC), an innovator of modern policing solutions, is pleased to announce a new opening order of BolaWrap products and accessories. This European order represents the third major country in Europe to order BolaWrap products in the last eight months. The company has 15 international distributors covering 28 countries, export licenses in 54 countries, and has delivered product to 26 countries thus far.
Three Local Police officers show the new tool they will carry (translated). / DAMIÁN ARIENZA
"We are witnessing growing demand for our remote restraint solution by the international law enforcement community, especially in those countries where officers are not allowed to carry deadly weapons." said Tom Smith, President at Wrap Technologies. "The international law enforcement market is 12 times the size of the US market. In contrast to the United States where each police agency decides whether or not to implement a new police tool, internationally, decisions to implement tools for law enforcement are generally made on the national level by individual entities. Our experience has been that demonstrations are followed by opening orders followed by much larger agency purchases. So, while the process may be longer, international order sizes are generally more significant."
One of the three European countries to recently purchase BolaWrap is Spain. In late February, 2020, the Company participated at the SICUR International Security, Safety and Fire Exhibition, Spain's leading international security event in Madrid. The exhibition led to strong interest for the BolaWrap by the region's law enforcement community. Although Spain was largely shut down for COVID-19 during recent months, the Company staged numerous online webinar demonstrations for police agencies. Once Spain began to reopen towards the end of May, the Company's distributors resumed in-person demonstrations to police agencies across Spain, covered nationally by ABC España.
According to El Comercio, a local newspaper in Spain, Gijón Local Police will be a pioneer in its use in Spain. A spokesperson in charge of testing said the following about the BolaWrap (translated): "The tests have gone very well. It is a tool that does no harm, but that can be key in complicated arrests, either with a large-scale criminal or with one who is very upset. Above all, it will help us gain time when carrying out an arrest."
José Rojas, Director of Client Services at Wrap Technologies, added: "We are excited about the opportunities for use of BolaWrap in Spain and the overwhelmingly positive response by the law enforcement community in the region."
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 range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company's Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information on the Company please visit www.wraptechnologies.com. Examples of recent media coverage are available as links under the "Media" tab of the website.
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," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. 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 included 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
SOURCE: Wrap Technologies, Inc.
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