Wrap Technologies Receives International BolaWrap® Orders from Four New Countries
“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
South Carolina
Indiana
Connecticut
Utah
Minnesota
Texas
Iowa
Maine
Georgia
About Wrap Technologies (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, and Oak Ridge. For information on the Company, please visit www.wraptechnologies.com.
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 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 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.
Wrap Technologies, Inc.
Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wraptech.flywheelsites.com
