WRAP Expands Ballistic Shield Product Line
November 23 2020 - 08:34AM
WRAP Technologies, Inc. (the “Company” or
“WRAP”) (Nasdaq: WRTC),
an innovator of modern policing solutions, announced the expansion
of its WRAP Armor™ ballistic shield product line to include the
Level IIIA Patrol Shield and the Molle Shield Cover in addition to
the Level III Tactical Shield.
WRAP Armor™ products are now available to view via the Company’s
newly launched wrap.com website URL.“Our vision is to become a
leader in providing public safety with advanced technology
solutions to help protect law enforcement officers and the citizens
they serve,” said Tom Smith, President and Interim CEO at WRAP.
“The introduction of our revolutionary BolaWrap® Remote Restraint
device to law enforcement has enabled us to build a strong
distribution network and customer base which we intend to leverage
by continuing to innovate and provide public safety with needed
solutions.“We believe every officer should have access to ballistic
shields in their patrol cars without needing to wait for tactical
units to arrive, especially during these uncertain times of COVID
and frequent rioting.”WRAP Armor ballistic shields contain a
combination of military grade polyurea exterior coating and
advanced composite materials which produce superior performing
shields with multi-hit capacity. The Levell III Tactical Shields
start at just 16 lbs and protect against multiple rifle rounds, and
the Level IIIA Patrol Shields start at 6 pounds and protect against
multiple pistol rounds.All WRAP Armor ballistic shields are NIJ
0108.01 compliant.Ballistic shields are a component of the
Ballistic Protection Materials & Equipment Market valued at
$1.7 billion in 2018 and is expected to be valued at $2.4 billion
by 2025 according to Global Market Insights.About
WRAP (WRTC)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.Follow WRAP here:
WRAP on Facebook: https://www.facebook.com/wraptechnologies/WRAP
on Twitter: https://twitter.com/wraptechincWRAP on LinkedIn:
https://www.linkedin.com/company/wraptechnologiesinc/Trademark
InformationBolaWrap 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. ManleyVP
– Investor Relations(612) 834-1804pmanley@wra.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67a87c92-d7a3-40e4-8e60-c66a89260d6e
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