TEMPE, Arizona, September 17, 2019 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today reported that the Company has filled more than 45 initial orders since April for BolaWrap devices and accompanying accessories. Customers include US federal and local agencies, US distributors and international distributors.
“We are excited about the number of quotes we are receiving directly from agencies and through our distributors,” said David Norris, CEO of Wrap Technologies. “The quotes are converting into filled orders at a high rate. Agencies are seeing the value of our remote restraint device and how it can be the right tool for many situations. We believe this market reaction reflects only the beginning of our broad distribution strategy.”
Wrap now has 11 US distributors covering 45 states, and the Company is fulfilling initial product deliveries to 10 international countries.
“As we continue building and training our distributor network, our ability to reach more departments multiplies,” said Tom Smith, President of Wrap Technologies. “Through our distributors, we now have more than 90 people on the ground in contact with agencies in their regions - aside from the work our internal team is doing focusing on larger agencies. This has resulted in an increase in quotes, and ultimately, filled orders, in a very short period of time.”
Epic Shooting, Training & Tactical Defense Center is BolaWrap’s authorized distributor in the southern part of the United States. Steven Combs, Director of Training for Epic Shooting, has been in law enforcement for more than 35 years and currently serves as a Chief of Police. Combs reports he is receiving strong interest for the BolaWrap from law enforcement customers in his region.
“The demand for demonstrations has been overwhelming and the BolaWrap device has significant growth potential. I can say firsthand that as law enforcement professionals, we are always looking for ways to avoid violent confrontations and to effect an arrest using the least amount of force possible,” said Combs. “Law enforcement agencies across the state are viewing BolaWrap as a vital tool as a response to resistance in order to avoid injuries to the subject and to decrease the agencies’ liability.”
The Company was recently featured on multiple television networks across Southern Texas following the Aransas Pass Police Department’s decision to carry five BolaWrap devices on patrol for a 30-day trial run. Links to those video stories can be found below:
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.
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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.