Updated Device Features Green Line Laser; New Production Facility
LAS VEGAS, Nevada, June 27, 2019 - Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced that the Company has commenced shipping an updated version of the BolaWrap 100 remote restraint device and accompanying accessories to strategic police departments and international distributors.
“We are excited to introduce the updated version of the BolaWrap to the law enforcement community,” said Mike Rothans, Chief Operating Officer at Wrap Technologies. “Our mission at Wrap Technologies is to develop products that will assist in making the jobs of police officers safer. We took the feedback we received from various departments to improve our base device introduced last year and implemented those changes into the new version that is now shipping to customers.”
New features of the BolaWrap device include automatic green line laser activation, new device colors (yellow, green), device vibration to indicate the safety is disengaged, and more.
Earlier this month, the Company entered into a lease agreement for an 11,000+ square foot facility in Tempe, Arizona that the Company plans to use as a general office, warehouse, assembly, training and distribution space.
“We are continuing to field a high volume of inquiries for the BolaWrap 100. I am pleased with our fast start to the production and shipment of the updated BolaWrap device,” said Tom Smith, President of Wrap Technologies. “Our new facility will enable the mass production of BolaWrap devices and accompanying accessories.”
A video explaining in further detail the distinctions between the original and updated BolaWrap devices can be seen here.
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.
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.