Wrap Technologies Announces Tom Smith as Interim CEO
October 29 2020 - 4:01PM
Wrap Technologies, Inc. (Nasdaq:WRTC) today announced that its
board of directors named Tom Smith, as its Interim CEO, effective
October 27, 2020. Marc Thomas stepped down from the CEO role,
and has been appointed to the newly created position of Chief
Government Affairs Officer.
"We are very excited for Tom to assume the
additional responsibilities of Interim CEO as we continue to
execute on our mission,” said Scot Cohen, Executive Chairman of the
Board. “Our goal is to have remote restraint become standard for
every police officer worldwide. With 27 years of industry
experience, Tom energizes the entire organization and knows the
industry extremely well.” Cohen continued, “Marc’s background,
skills and passion will help drive change within government
entities in this new role during these unprecedented times. As a
White House Fellow with an exemplary military background and
legislative experience, Marc’s ability to work with government
leaders will enhance our position with police and security forces
adoption of our technology and training which de-escalates
conflict."
"Our company takes great pride in serving our
stakeholders, communities and people who protect us daily,” said
Tom Smith, Interim CEO and President. “Now more than ever,
collaboration between communities and law enforcement is needed.
The BolaWrap, through our technology and training, fills an
important void for law enforcement agencies that de-escalates
without using pain compliance tools during the apprehension
process. Our time is now, and my top priority is to continue to
ramp growth. We are still in the early stages with an enormous
opportunity ahead of us. I thank Scot and the rest of the board for
the opportunity and privilege to lead this team,” concluded
Smith.
CONFERENCE CALL
As announced on October 15, 2020, the Company
will host its 3Q earnings call via a live Zoom video webcast for
investors and other interested parties beginning at 4:30 p.m.
Eastern Time today (Thursday, October 29, 2020). The call will be
hosted by Tom Smith, interim CEO, Jim Barnes, CFO, and Paul Manley,
VP of Investor Relations.
WEBCAST LINK:
https://us02web.zoom.us/webinar/register/WN_4KF5MDTcQDu8TTXUSLjwoA
Participants may access the live webcast by
visiting the Company’s Investor Relations page at
www.wraptechnologies.com. A webcast replay of the call will be
available on the Company’s Investor Relations page within 24 hours
of the live call ending.
About
Wrap Technologies
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, 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.
Contact
Investors and Media:Paul M. ManleyVice President
of Investor Relations(612) 834-1804pmanley@wraptechnologies.com
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