Wrap Announces Sale of Wrap Reality Societal Reentry Enterprise Platform
July 21 2022 - 08:57AM
Wrap Technologies, Inc. (Nasdaq: WRAP) (the
“Company”), a global leader in innovative public safety
technologies and services, today announced a sale of its Societal
Reentry Virtual Reality Enterprise Platform to the Pennsylvania
Department of Corrections.
The reentry and rehabilitation software is a product line of the
Company’s Wrap Reality virtual reality training system and is
designed to prepare incarcerated individuals, who are parents, for
various situations and questions from their children. Wrap
Reality’s Societal Reentry solution is an immersive, 360-degree VR
environment offering multiple real-life scenarios created
specifically for reentry to family and society. The Pennsylvania
Department of Corrections parenting staff can customize the
situations the parent is presented with in real time. Pennsylvania
State University will evaluate how this form of training can
improve upon traditional classroom training.
“We are pleased to see that our virtual reality software may
have a positive impact on helping incarcerated individuals prepare
to reunite with their children,” commented Wrap CEO, TJ Kennedy.
“Wrap continues to innovate for Corrections agencies and offer more
ways to help with societal issues.”
About WrapWrap Technologies (Nasdaq: WRAP) is a
global leader in innovative public safety technologies and
services. Wrap develops creative solutions to complex issues and
empowers public safety officials to protect and serve their
communities through its portfolio of advanced technology and
training solutions. Wrap’s BolaWrap® Remote Restraint device
is a patented, hand-held pre-escalation and apprehension tool that
discharges a Kevlar® tether to temporarily restrain uncooperative
suspects and persons in crisis from a distance. Through its many
field uses and growing adoption by agencies across the globe,
BolaWrap is proving to be an effective tool to help law enforcement
safely detain persons without injury or the need to use higher
levels of force. Wrap Reality, the Company’s virtual reality
training system, is a fully immersive training simulator and
comprehensive public safety training platform providing first
responders with the discipline and practice in methods of
de-escalation, conflict resolution, and use-of-force to better
perform in the field. Wrap’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.Connect with
Wrap:Wrap on FacebookWrap on Twitter Wrap on
LinkedInTrademark InformationBolaWrap, 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 StatementThis 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 impact resulting from geopolitical
conflicts and any resulting sanctions; 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.Contact:Paul
M. ManleyVP – Investor Relations(612) 834-1804pmanley@wrap.com
Media Contact:
media@wrap.com
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