Wrap Technologies Receives International BolaWrap® Orders from Four New Countries
September 24 2020 - 8:17AM
Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq:
WRTC) announced today it has received initial orders from
four new countries located in the Middle East, Europe and South
America. Distributors and customers from a total of 33 countries
have now placed orders for BolaWrap products and accessories.
“Despite the COVID-19 travel restrictions, we
continue to see growth in international markets,” said Tom Smith,
President of Wrap Technologies. “The international market is 12
times the size of the US market and is our fastest moving market.
International law enforcement communities, especially those from
countries where law enforcement are not allowed to carry firearms,
are looking for new tools like the BolaWrap to deal with
noncompliant subjects without having to resort to higher levels of
force that rely on pain compliance.” “We are also seeing positive
progress in the US market, including dozens of recent field uses –
two of which were captured on bodycam and released this week – as
well as continued increase in demonstrations and training
throughout the US. We have reached an important milestone with over
1,000 training officers now certified as BolaWrap instructors
qualified to train officers in their departments.” At a public
hearing held on August 25, 2020, the Los Angeles Police Commission
unanimously approved of a 180-day extension of their BolaWrap pilot
program. See same day report from the Los Angeles Times here.
Yesterday, LAPD Deputy Chief Martin Baeza provided his comments to
the Company: "The LAPD began the BolaWrap pilot in February of 2020
after an extensive evaluation and partnership with Wrap
Technologies. Soon after the pilot began, Covid 19 redirected the
Department’s mission as the City of Los Angeles went into the Safer
at Home plan to curb the spread of the virus. As a result, the
deployment of the BolaWrap was limited. However, we had multiple
successful wraps in which the suspects’ actions stopped as a result
of the utilization of the BolaWrap. I recently asked our Board of
Police Commissioners to extend the pilot program in order to
continue to evaluate the BolaWrap’s effectiveness. Thus far, we are
pleased with the device and with the responsiveness of Wrap
Technologies." Yesterday’s discussion of recent BolaWrap field uses
caught on bodycam and Los Angeles Police Commission’s decision to
extend the BolaWrap pilot program is available for replay here.
Links to recent media appearances of the BolaWrap across the US in
September can be found below:
New York |
Minnesota |
South Carolina |
Texas |
Indiana |
Iowa |
Connecticut |
Maine |
Utah |
Georgia |
About Wrap Technologies (Nasdaq:
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 Los Angeles, Sacramento,
Fresno, Bell, Albuquerque, Minneapolis, West Palm Beach, Fort
Worth, LaGrange, St. Cloud 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 CONTACT: Paul M. Manley VP –
Investor
Relations612-834-1804pmanley@wraptechnologies.com
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