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Wrap Technologies Receives Multiple International BolaWrap® Orders

TEMPE, Arizona, August 10, 2020 – Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC) announced today that it received new international orders for BolaWrap products and accessories. The orders are from the following:

  • Two new law enforcement agencies in Canada
  • One new customer in South America
  • One new customer in the Middle East
  • One follow on order from the Middle East

Completion of these orders will increase Wrap’s presence from 27 to 29 countries.

Tom Smith, President of Wrap Technologies commented, “We are very pleased with the continued growth of the BolaWrap across the international community.  The need for effective and humane tools that do not rely on pain to  force compliance is not just a challenge in the United States but also prevalent internationally as is clearly reflected by the strong demand for the BolaWrap Remote Restraint solution.”

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 entangle an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company's Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. 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.

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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Reports Second Quarter 2020 Results

Balance Sheet Bolstered with $35.4 Million in Cash - Record Revenue of $833,000 and $1.5 Million Backlog

TEMPE, Arizona – July 30, 2020 – Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, reported results for the second quarter ended June 30, 2020.

Second Quarter and Recent Operational Highlights:

  • Appointed Marc Thomas as Chief Executive Officer, effective July 30, 2020
  • Increased cash position to $35.4 million at June 30, 2020 after closing $12.4 million financing with existing investors and receiving $9.2 million from the exercise of warrants during the quarter
  • Subsequent to the quarter’s end, received an additional $11 million of net proceeds from the exercise of warrants during July 2020
  • Expanded international presence with an order for 21,600 BolaWrap cartridges from the Indonesian National Police force as well as orders for 200 BolaWrap devices and more than 2,600 cartridges and accessories from three countries in Asia; Q2 international shipments raise the total countries that have received BolaWrap products to 27
  • In spite of the global pandemic, increased the number of agencies trained on BolaWrap to over 200 with over 750 training officers at those agencies certified as BolaWrap instructors qualified to train their departments
  • Partnered with PoliceGrantsHelp.com to offer free grant funding assistance to law enforcement agencies looking to purchase BolaWrap products and accessories; to date, received applications from 50 agencies
  • Conducted 80 demos, mostly via webinars, to over 100 agencies during the second quarter of 2020
  • As of June 30, 2020, backlog totaled approximately $1.5 million, which the Company expects to recognize over the next twelve months

Management Commentary

“During the second quarter of 2020, our team adapted to an unconventional operating environment, successfully increasing awareness of the BolaWrap, driving sales, and positioning Wrap for accelerated growth,” said David Norris, director of Wrap Technologies and former chief executive officer. “Financially, the quarter was highlighted by a substantial increase in our cash position to $35.4 million as we successfully closed a $12.4 million financing arrangement with a group of our existing investors and received an additional $9.2 million during Q2 from the exercise of warrants. Thanks to our team’s flexibility, we also achieved record revenues of $833,000, and we exited the quarter with a $1.5 million backlog, which indicates that our sales channel remained robust despite the complications caused by the coronavirus pandemic. Subsequent to the quarter’s end, we also strengthened our leadership team with the appointment of Marc Thomas as our CEO, whose expertise will be integral to the next phase of Wrap’s evolution.” 

“Over the past few months, there has been an intent and extraordinary focus on our industry – on how police officers interact with the public, how they decide when to use force, and how they determine how much of it to apply. As the makers of the only technology that does not rely on pain to allow law enforcement officers to establish compliance with a non-compliant subject, we believe we are uniquely positioned to be part of the solution to help ensure all parties go home safely. With sales momentum building, our pipeline of opportunities expanding, an improved balance sheet, and an enhanced leadership team, we believe Wrap is in its strongest position to date, and we look forward to accelerating the Company’s growth.”

COVID-19 Update

During the quarter, Wrap tackled several challenges and adapted to an environment that was continually re-shaped by the COVID-19 pandemic. During the second quarter, Wrap’s customers experienced staffing issues, limiting the Company’s ability to demonstrate and train, which negatively impacted Q2 sales. In response, Wrap adapted by introducing tele-selling and webinar training. Given the initial success of these measures, the Company currently intends to continue leveraging these new measures. Additionally, Wrap curtailed most sales and training travel and reduced production personnel until late in the second quarter when some customers’ locations domestically and internationally eased restrictions. At that time, the Company recommenced closing business prospects.

While Wrap’s significant adjustments to operations resulted in sales growth during the second quarter, the pandemic’s impact on future operations and results cannot be fully determined at this time.

Second Quarter 2020 Financial Results

Total revenue for the second quarter of 2020 increased to $833,000 from $59,000 in the second quarter of 2019. The increase in total revenue was due to adding established domestic and international distributors and expanded marketing, selling and training efforts.

Gross profit margin for the second quarter of 2020 was 32.1% compared to 40.0% in the second quarter of 2019. The change in gross profit margin was primarily due to minimal revenue in the prior year quarter and impacts on production due to COVID-19 restrictions in Arizona during the second quarter of 2020. Given the variability in margins from changes in sales channels, product mix and the volume of manufacturing, the Company does not believe historical gross profit margins should be relied upon as an indicator of future gross profit margins.

Total operating expense for the second quarter of 2020 increased to $3.1 million from $2.0 million in the second quarter of 2019. Each quarter included non-cash stock-based compensation of $549,000 and $374,000, respectively. The increase in total operating expense was due primarily to increased staffing and sales activities as the Company continues to scale operations for planned growth.

Net loss for the second quarter of 2020 totaled $2.8 million or $(0.09) per diluted share, compared to net loss of $1.9 million or $(0.07) per diluted share in the second quarter of 2019.

Balance Sheet and Financing Activities

Cash and cash equivalents totaled $35.4 million at June 30, 2020, compared to $17.0 million at December 31, 2019.  

During the six months ended June 30, 2020 the Company received $11.7 million of net proceeds resulting from the consummation of a registered offering of common stock in June 2020, and obtained $10.4 million of net proceeds from the exercise of previously issued warrants and stock options. In July 2020, the Company received an additional $11 million of net proceeds from the exercise of warrants.

Use of Non-GAAP Information

Included in this press release are non-GAAP operational metrics regarding agencies, training, backlog and amounts of non-cash stock-based compensation expense, which the Company believes provide helpful information to investors with respect to evaluating the Company’s performance. The Company considers backlog as an indicator of future revenues and uses it to support production planning. Backlog is a measure of purchase orders received that have not been shipped, but which the Company expects to ship within the next 12 months. Distributor and customer orders for future deliveries are generally subject to modification, rescheduling or in some instances, cancellation in the normal course of business.

Conference Webcast

Wrap Technologies’ management will host the live video webcast on Thursday, July 30, 2020 at 4:30 p.m. ET (1:30 p.m. PT), followed by a question and answer period, which will be linked from Wrap’s investor relations website. To RSVP for the event in advance, please click here.

Date: Thursday, July 30, 2020
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
RSVP: Wrap Q2 2020 Webcast Link

Please join the webinar 5-10 minutes prior to the start time. An archived replay will be available after the presentation ends via the investor relations section of the Company’s website.

Wrap Technologies, Inc. Condensed Balance Sheets (In thousands)

Screen Shot 2020-07-30 at 3.51.02 PM

Wrap Technologies, Inc. Condensed Statements of Operations (In thousands, except share and per share data) (unaudited)

Screen Shot 2020-07-30 at 3.51.18 PM

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 entangle an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company's Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. 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.

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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Appoints Marc Thomas as Chief Executive Officer

David Norris to Remain on the Board of Directors Subsequent to CEO Transition

TEMPE, Arizona, July 30, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced that its Board of Directors has appointed Marc Thomas as its new Chief Executive Officer, effective today. Thomas will succeed David Norris, who has served as the Company’s Chief Executive Officer since December 2018, and who will retain his position as a director following the transition.

“On behalf of the Board of Directors, I would like to thank David for the many contributions he has made since becoming CEO,” said Scot Cohen, Executive Chairman of Wrap Technologies. “Under David’s leadership, Wrap has grown from a nascent business concept into a company with an established brand, a proven product, and a robust and growing, global customer base.”

“It’s been a great privilege to lead Wrap through its startup phase, and I’m very proud of the work the entire team has accomplished to bring the idea of a new remote restraint device to life,” said David Norris, Director of Wrap Technologies.  “With worldwide sales accelerating, the board of directors, the rest of the management team, and I came to the conclusion that it was an appropriate time in the company’s history to bring on a leader with a deep operational background to support the Company’s growth. As a fellow shareholder and staunch believer in the importance of Wrap’s mission, I’m very encouraged that we’ve found such a capable leader in Marc, whose background and track record speak for themselves when it comes to experience in related fields and successfully scaling businesses.”

“I’d also like to personally welcome Marc aboard,” Cohen continued. “Marc has a long history of successfully leading and growing organizations, and we’re confident that the expertise he has developed across a broad array of industries will be of great benefit to Wrap. We’re very excited to have him as part of the team.”

Marc Thomas is an experienced executive with a diverse background who has successfully led and advised teams in a variety of industries including financial markets, aerospace engineering and manufacturing, management consulting, government, and the armed services.

Incoming Chief Executive Officer Marc Thomas commented, “With the momentum Wrap has been building over the past year, it’s an incredibly exciting time to be joining the team. Wrap is working to close a critical gap that exists in policing, and by doing so, it will benefit not just law enforcement officers, but all of us. Today, the BolaWrap is more prominent than ever before, and more and more agencies are beginning to view it as a ‘must have’ rather than a ‘nice to have.’  I’m looking forward to leveraging my past experience to help effectively scale the business and accelerate the Company’s growth over the coming quarters and years.”  

Thomas joins Wrap from Thorium Capital Ventures and Consulting where, during his 14 year tenure as president and CEO, he was responsible for private equity deal sourcing, valuing, acquiring, and operating small to medium sized manufacturing and services companies, as well as serving as an interim president, CEO, and board member of several portfolio manufacturing and asset management companies. While serving as a Chief Operating Officer in a private equity portfolio company, Marc worked "shoulder-to-shoulder" with various direct reports and staffers to develop SOPs / SOWs / and key metrics to design and implement a growth strategy resulting in annual increases of 27% and 189% in sales revenues and operating profit, respectively.

From 2001 to 2006, he held multiple leadership positions at General Electric Company including manager of the Corporate Initiatives Group, general manager of Rail, and chairman, president, and CEO of Aviation Materials. At GE Aviation Materials, Marc designed and successfully implemented a turnaround strategy that rapidly grew the business from $151 million to $246 million in sales revenue, and $9 million to $31 million in operating profit.

During his career, Thomas has also served as an engagement manager at McKinsey & Company, a legislative assistant to the Office of Senator Dirk Kempthorne, a special advisor to the Office of the Vice President at the White House, an adjunct associate professor to the School of Engineering & Applied Sciences at Columbia University, and an assistant professor to the Department of Systems Engineering at the United States Military Academy.

Prior to his work in the private sector, Thomas served as a Detachment Commander and Civil-Military & Psychological Operations Officer in the 5th Special Forces Group in the United States Army. He holds a JD in corporate and intellectual property law from the University of Texas School of Law in Austin, an MBA in international finance and management as well as an MS in industrial engineering and operations research from Columbia University, and a BS in civil and environment engineering from Stanford University.


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@wraptechnologies.com

Categories
Press Releases

Bernalillo County Sheriff’s Office Announces Successful BolaWrap® Deployment Resulting in No Injuries

Bernalillo County Sheriffs Deploys BolaWrap®

TEMPE, Arizona, July 21, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, is pleased to report another successful deployment of the BolaWrap remote restraint device on a noncompliant suspect. Yesterday, Bernalillo County Sheriff’s Office in New Mexico released a press release containing the full account of their successful BolaWrap deployment:

Today, Sheriff Manuel Gonzales Ill announced the first deployment of the less-lethal, BolaWrap Restraint Device by Bernalillo County Sheriff's Office.

"Every day the women and men Of BCSO boldly place their lives on the line to keep our children, families and businesses safe, it is absolutely imperative we equip them with the most effective public safety technology," said Sheriff Manuel Gonzales Ill. "After several months of successful evaluation and testing, I am pleased to announce that the new BolaWrap Restraint was effectively and safely deployed in the field for the first time. This technology affords our deputies another option to apprehending non complying offender(s) safely. It also reduces the risk of potential minor injuries to combative suspects."

On July 17, 2020, South Area Command Field Services Deputies observed a grey Chevy Suburban traveling eastbound at a high rate of speed near the area of Bridge Blvd. and Goff Blvd. Deputies soon recognized the vehicle was recently reported stolen in Bernalillo County and it was quickly confirmed as a stolen vehicle utilizing a law enforcement database during an inquiry of the license plate. The driver made an abrupt turn into an apartment complex located in the South Valley where a high-risk stop was conducted on the vehicle.

The driver, Alberto Romero, was given verbal commands to exit the vehicle where he was initially cooperative but then became verbally aggressive and refused to follow commands. Several minutes were spent trying to verbally de-escalate the situation. Romero still refused to follow commands given by Deputies and began to walk away from the location. Due to Romero's non-compliance to the commands of deputies and the risk of him re-entering the vehicle or fleeing on foot, the BolaWrap Restraint device was successfully deployed and Romero was safely taken into custody. Romero was booked on charges of Unlawful taking of a Motor Vehicle, Resisting/Obstructing a Peace Officer, and two outstanding felony warrants.

BolaWrap is carried by more than 150 police agencies across the United States and has been used to safely end dangerous police encounters in various cities across Texas, California, Florida, Minnesota, and now, New Mexico.

“We are pleased to see the BolaWrap continue to serve its purpose in the field on real subjects,” said Mike Rothans, Chief Operating Officer at Wrap Technologies and retired Assistant Sheriff of the Los Angeles County Sheriff’s Department. “When you think about the potential outcome of this encounter in light of recent events in Atlanta and Minneapolis, you can appreciate the outstanding policework done by Bernalillo County Sheriff’s Office and the potential life saved when they chose to use the BolaWrap.

“Before the BolaWrap was introduced to law enforcement, when a noncompliant subject refused to respond to officers’ verbal commands, officers had no choice but to utilize the tools on their belts – all of which inflict pain and pose a higher risk of injury to the subject. With the BolaWrap, officers are safely restraining subjects from a distance as soon as verbal commands are ineffective, without needing to resort to any pain compliance tools or higher levels of force.”

Highlights from the Bernalillo County Sheriff’s Office training released by the agency on their YouTube channel can be viewed here.

The original press release by the Bernalillo County Sheriff’s Office can be found here.


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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Sets Second Quarter 2020 Conference Webcast for Thursday, July 30, 2020 at 4:30 p.m. ET

TEMPE, Arizona – July 16, 2020 – Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, will hold a live Zoom video webcast on Thursday, July 30, 2020 at 4:30 p.m. Eastern time to discuss its financial and operational results for the second quarter ended June 30, 2020. Financial and operational results will be issued in a press release prior to the event.

Wrap Technologies’ management will host the live video webcast, followed by a question and answer period, which will be linked from Wrap’s investor relations website. To RSVP for the event in advance, please click here.

Date: Thursday, July 30, 2020
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
RSVP: Wrap Q2 2020 Webcast Link

Please join the webinar 5-10 minutes prior to the start time. An archived replay will be available after the presentation ends via the investor relations section of the company’s website.


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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies to Train Seven New Agencies on the BolaWrap® in Maryland on Tuesday, July 14

TEMPE, Arizona, July 13, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, is scheduled to train seven new agencies on the BolaWrap in Maryland on Tuesday, July 14, 2020. Landover Hills Police Department will host the “Train the Trainer” session for 16 trainers from seven different local agencies.

Following the training session, Chief Robert Liberati of Landover Hills Police Department will be hosting a press conference for local Maryland and Washington DC media to discuss the BolaWrap.

“We are always looking to provide additional tools and resources for our officers,” said Chief Liberati. “The BolaWrap will be a useful tool for officers to assist in safely apprehending violent individuals, those suffering from a mental health crisis, or those in a drug related situation requiring police intervention.”

Since June 1, 2020, the Company has conducted 14 “Train the Trainer” sessions for 18 new agencies in 12 states, including California, Texas, Arizona, Missouri, Pennsylvania, Minnesota, Alabama, Indiana, Florida, Georgia, Kansas and Michigan.

“We are very encouraged with how quickly agencies are opting to receive training,” said Rick Guilbault, VP of Training at Wrap Technologies. “Agencies that receive in-person demonstrations or attend online webinar demonstrations of the BolaWrap are quickly moving to schedule ‘Train The Trainer’ sessions to certify their trainers on the BolaWrap, which enables them to train the rest of their agencies. To date, Wrap Training Academy has 50 BolaWrap Master Instructors who have trained over 790 trainers from police agencies across the world.


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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Secures Purchase Orders for BolaWrap® Products from Police Agencies in Texas, Illinois and Michigan

TEMPE, Arizona, July 6, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, has received purchase orders for BolaWrap devices, cartridges and accessories from police agencies in Texas, Illinois and Michigan. Since June 1, 2020, the Company has received more than 250 requests from law enforcement agencies for quotes, training and demonstrations, which are beginning to translate into purchase orders.

Chief Matt Magill of Lanark Police Department in Illinois recently attended one of the Company’s online demonstrations, which are being hosted by the Company in place of in-person demonstrations in some areas due to COVID-19 travel restrictions. Following the online demonstration, Chief Magill placed an order for BolaWrap products, and his agency is scheduled for a “Train the Trainer” in mid-July.

“The BolaWrap gives us an option before going to impact weapons,” said Chief Magill. “It gives us that time period where we can safely go hands on, especially for those who are passively resistant or are mentally ill, and you don’t have to take to it to the next level of force.”

“The BolaWrap is not just a big city tool—it’s an everywhere tool—and I believe small agencies should be carrying it as well,” added Chief Magill.

Chief Richard Priest of Lytle Police Department in Texas ordered BolaWrap products through the Company’s South-Central distributor.

“We are always looking for ways to limit the amount of force used during tense encounters,” commented Chief Priest. “We are increasingly called to situations where people are experiencing a mental health crisis and our officers are forced to take action to protect that person. The BolaWrap is another tool that could help bring situations under control. I feel it is my responsibility to always be looking for tools that will help improve the service we provide, and I see the BolaWrap as a great option.”

Mike Rothans, Chief Operating Officer at Wrap Technologies and retired Assistant Sheriff for Los Angeles County Sheriff’s Department said, “Chief Magill and Chief Priest are two examples of the growing number of police chiefs who acknowledge the importance of providing their officers with the best tools to do their jobs safer and smarter. They realize the vital role law enforcement officers play in dealing with people in mental health crisis,  and they understand that providing the best tools along with the best training leads to the best results.

“Through our direct sales efforts and 11 domestic distributors, we expect the more than 13,000 of approximately 18,000 total U.S. law enforcement agencies with less than 25 sworn officers to be a growing and important segment of our business.”


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@wraptechnologies.com

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Wrap Technologies Receives New International Order For 21,600 BolaWrap® Cartridges for The Indonesian National Police

TEMPE, Arizona, June 29, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced the Company has received a new follow-on order for 21,600 additional BolaWrap cartridges for the Indonesia National Police force.

Earlier this month, the Company reported the fulfillment of an initial order of devices and cartridges placed by the Company’s distributor in Indonesia at the end of 2019. The Company’s distributor recently secured a contract with the Indonesian National Police force following successful BolaWrap demonstrations across the country. The Company supplied the Indonesian National Police force with BolaWrap devices customized with the police force’s logo and matching uniform colors.

“We are very pleased to see both new international orders and follow-on orders such as this one for a major police force,” said Tom Smith, President at Wrap Technologies. “We believe this order reflects the Indonesian National Police force’s acceptance of the BolaWrap as a viable solution to an age-old challenge in policing – safely detaining noncompliant subjects without injury.”

The Indonesian National Police force consists of approximately 387,000 police officers, and they plan to use this new order of cartridges with previously purchased BolaWrap devices to begin training thousands of officers in their agency.

“Wrap has worked hard to develop a strong international distribution network representing 29 countries,” said David Norris, CEO of Wrap Technologies. “BolaWrap devices are on the ground in 27 countries with distributors and agencies restarting demos and trainings following the COVID-19 lockdown. We believe BolaWraps’ remote restraint responds to the social distancing question for law enforcement wanting to de-escalate without using pain compliance tools.”

The Company expects to recognize revenue on this order in Q2 and Q3 of 2020.

Highlights from the BolaWrap demonstrations in Indonesia can be viewed here.


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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Reports Increased Demand for BolaWrap® from US Law Enforcement Agencies

100+ Agencies Request BolaWrap in Last Month; 36 Agencies Register For Grant Assistance

TEMPE, Arizona, June 22, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced the Company has received more than 100 requests for BolaWrap demonstrations and training in the last month. An additional 36 agencies have applied for grant assistance since the June 4 debut of our Grant Assistance Program.

“Agencies have been reevaluating their use of force methods and tools during encounters with subjects who need to be detained,” said Mike Rothans, Chief Operating Officer at Wrap Technologies. “BolaWrap is at the forefront of conversations, as our remote restraint device is the only tool on an officer’s belt designed to restrain a noncompliant subject without inflicting pain.”

Due to the COVID-19 travel restrictions, the Company has been performing webinar demonstrations for law enforcement agencies eager to implement BolaWrap. Now that travel restrictions have begun to ease, agencies have been inviting the Company for in-person demonstrations and ‘Train the Trainers’ sessions.

“Prior to COVID-19, our distributors and internal sales team were performing over 100 demonstrations a month,” said Tom Smith, President at Wrap Technologies. “With the continuing conversation about law enforcement use of force and the resulting increased interest in BolaWrap, we anticipate the number of virtual and in-person demonstrations to grow.”


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@wraptechnologies.com

Categories
Press Releases

Wrap Technologies Announces New International Purchase Orders

Orders from Three Countries for Over 200 BolaWrap Devices, 2,600 Cartridges and Accessories

TEMPE, Arizona, June 18, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced the Company has received new international purchase orders from three countries in Asia for over 200 BolaWrap devices, more than 2,600 cartridges and accessories. Two purchase orders are follow-on orders from demonstrations and trainings conducted last year. The third purchase order is an initial order from a new country beginning BolaWrap demonstrations and trials this year. 

“We are excited about our continued international growth with BolaWrap being purchased by the 27th country,” said Tom Smith, President of Wrap Technologies. “It is also encouraging to see countries test and evaluate BolaWrap and then place follow-on orders, reflecting their appreciation and demand for our remote restraint solution.”

Wrap expects to recognize the revenue on these orders in Q2 of 2020.


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@wraptechnologies.com