Wrap Announces Technology Acquisition and Partnership with Lumeto, Inc. to Expand its Wrap Reality Training Platform
TEMPE, Arizona – November 30, 2022 – Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety technologies and services, today announced that it has entered into a Professional Services and Technology Acquisition Agreement with Lumeto, Inc. (“Lumeto”).
As part of the agreement, Lumeto will provide Wrap certain technology, services, and perpetual licenses for use within the Company’s Wrap Reality virtual simulation training platform. Through the Lumeto platform, Wrap will also be able to offer an upgraded, cloud-based virtual reality (“VR”) solution to potential customers. The partnership also includes provisions for additional services, resources and enhanced capabilities to Wrap in support of its growing law enforcement and corrections VR training modules.
Wrap expects to significantly accelerate the development of its cloud-based VR training platform to complement its existing, robust Wrap Reality solution. This new cloud-based offering will provide greater flexibility and faster development of additional training scenarios as well as an improved, cost-effective equipment package for prospective law enforcement agency customers. The Company will continue to offer and develop its existing on-premise Wrap Reality training platform that is used by law enforcement and corrections departments today.
“We look forward to joining forces with Lumeto to bring our world-class VR training capabilities onto an enhanced, flexible, cloud-based platform,” said TJ Kennedy, CEO of Wrap Technologies. “This new platform will offer our existing and new customers a new turnkey Cloud VR training solution with the critical high-end type scenarios that Wrap Reality has become known for delivering. By partnering with Lumeto and leveraging their existing technology, Wrap can greatly accelerate our development, saving significant time and costs versus building an entire cloud solution internally. We believe this enhanced platform, coupled with our existing Wrap Reality solution, will offer law enforcement more flexible, immersive training solutions, both on-premise and in the cloud, further improving the way law enforcement training is done into the future.”
“We are pleased that Wrap is leveraging our technology to accelerate their Wrap Reality VR training platform,” said Lumeto CEO Raja Khanna. “Lumeto has developed a leading VR platform for healthcare and some law enforcement, and we believe Wrap is the right partner to further develop and deploy the law enforcement training platform. Lumeto will help build Wrap’s training scenarios and capabilities into the new and enhanced Wrap Reality cloud platform while we continue to focus on our healthcare business.”
About Wrap Reality
Wrap Technologies, through its subsidiary Wrap Reality, is an industry leader in virtual reality law enforcement training. Wrap Reality provides realistic, easy-to-use, cost-effective training software for law enforcement.
About Wrap
Wrap 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.
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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 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.
Investor Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
949-574-3860
Media Relations Contact:
Robert Collins and Zachary Kadletz
Gateway Group, Inc.
949-574-3860
