Wrap Technologies Expands Pilot Program Due to High Demand from Law Enforcement Agencies
”In the last several weeks over 100 agencies, with thousands of sworn officers, have requested demonstrations, as awareness of our product has dramatically increased as a result of our marketing efforts and from media,” said David Norris, President of Wrap Technologies. ”We are making a strategic investment by expanding our agency pilot program from the original ten targeted agencies. We anticipate that this move will accelerate the adoption of BolaWrap 100 by agencies and help to position BolaWrap 100 as an important new non-lethal tool to engage noncompliant subjects, especially those in mental crisis.” The Company has been the subject of various media reports as a result of initial demonstrations of the BolaWrap 100 (some reports linked on the ”Media” tab of the Company website). The Company believes that the increasing worldwide interest is indicative of the need to fill a gap with respect to engaging with noncompliant subjects in a non-lethal and non-painful manner where higher level of force may not be warranted. The Company will be meeting with its customers and those expressing interest in the BolaWrap solution at the annual International Association of Chiefs of Police (IACP) event in Orlando, commencing October 6, 2018 (Booth #339). Over 15,000 public safety professionals are expected to attend this year’s event, featuring over 600 exhibitors. ”Commercialization of a new crime control product involves demonstration, in-house evaluation, training, policy development and field testing before adoption as a standard policing tool,” added Norris. ”We have already demonstrated the BolaWrap 100 to over 45 agencies with 25 already in various stages of testing. We are very encouraged by agency response to the product and their willingness to engage local media and community stakeholders in the process of adopting a new non-lethal tool for community policing.” For information on the Company please visit www.wraptechnologies.com. Examples of recent media coverage are available as links under the ”Media” tab of the website. About Wrap Technologies (WRTC) Wrap Technologies is an innovator of modern policing solutions. Wrap Technologies premiered its hand-held BolaWrap™ 100 remote restraint solution at the International Association of Police Chiefs (IACP) October 2017 international conference. In December 2017, the Company completed a self-underwritten IPO and now trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. BolaWrap is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar® tether to entangle an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the small but powerful BolaWrap assists law enforcement to safely and effectively control encounters. Trademark Information: BolaWrap is a trademark 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,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. 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 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 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 included in the Company’s most recent 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. Read This Press Release on Yahoo Finance WRAP TECHNOLOGIES’ CONTACT: Investor Relations IR@wraptech.flywheelsites.com
