Wrap Technologies Builds Momentum as US Law Enforcement Agencies Embrace Innovative BolaWrap® Restraint Solution
TEMPE, Ariz., June 15, 2023 (GLOBE NEWSWIRE) -- Wrap Technologies (Nasdaq: WRAP) (“Wrap” or the “Company”), a global pioneer in innovative public safety solutions, announced today the addition of multiple new agency customers, driving further demand for its proprietary BolaWrap® solution across the United States. The BolaWrap® device has gained popularity among law enforcement agencies who recognize the need for non-pain-inducing alternatives to better equip their officers for the vast majority of the situations they face.
“The momentum we’re seeing for our solutions developed with a no-harm guiding principle is a reflection of the recognition by agencies that a majority of law enforcement encounters can be resolved safely and effectively without the use of painful or potentially lethal force,” said Kevin Mullins, CEO of Wrap Technologies. “We are thrilled to see such growth in demand for our BolaWrap solution, which demonstrates the effectiveness of our product in the field.”
Wrap Technologies continues to experience strong market growth with the addition of 31 new agencies purchasing Wrap solutions in May alone. Over the past four months, the Company has seen a remarkable increase of almost 90% in new agencies purchasing Wrap Technologies' solutions compared to the previous four-month period. These numbers reflect the increasing recognition among law enforcement agencies of the importance of mitigating the risk of injuries and enhancing public safety. By equipping their officers with transformative solutions that prioritize preventing escalation and minimizing the use of painful or injury-inducing techniques, agencies are taking proactive measures to create safer environments.
“Our BolaWrap solution enables officers to prevent escalation and more quickly handle situations in a manner that safeguards all those involved,” says Mullins. “It’s a win for law enforcement agencies as well as the communities they serve.”
At the forefront of public safety innovation, Wrap’s cutting-edge BolaWrap® solution provides a practical and effective approach to the vast majority of encounters. As instances related to mental health, substance abuse, and non-violence increase, this patented hand-held remote restraint device is designed in accordance with Wrap’s no-harm guiding principle to actively deter escalation. By deploying a Kevlar® tether, BolaWrap enables officers to safely restrain individuals from a distance, proactively preventing escalation and reducing risk of injury to all parties involved.
Wrap’s BolaWrap® solution also encompasses comprehensive training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST). This unique training equips with the necessary expertise to effectively utilize BolaWrap® as an early intervention measure. By providing its innovative solution and accompanying training, Wrap ensures that law enforcement agencies are fully prepared to handle various situations, empowering them to create safer environments and foster positive public safety outcomes in their communities.
For more information about Wrap’s BolaWrap® Solution, please visit wrap.com.
About Wrap
Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating state-of-the-art technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships and delivers positive public safety outcomes.
Wrap's BolaWrap® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar® tether that safely restrains individuals from a distance. Combined with BolaWrap® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 900 agencies across the US and 60 countries around the world, with the expertise to effectively use BolaWrap® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes.
Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes.
Wrap’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.
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Trademark Information
BolaWrap, Wrap and Wrap Reality 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, expenses and break-even and profitability expectations. 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 successfully 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, including the acceptance of the BolaWrap 150; the risk that distributor and customer orders for future deliveries are modified, rescheduled or cancelled in the normal course of business; 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 impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for countries 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.
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
949-574-3860
WRAP@gateway-grp.com
Media Relations Contact:
Robert Collins and Zachary Kadletz
Gateway Group, Inc.
949-574-3860
WRAP@gateway-grp.com
