32 Countries Approved for Export License by US Department of Commerce
LAS VEGAS, Nevada, July 30, 2019 - Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, today announced that the Company has signed three new exclusive international distributor agreements covering 5 countries. Wrap’s international distribution network now includes 10 distributors covering 17 countries.
Countries represented by new international distributors include: Singapore, Saudi Arabia, Macau, Hong Kong, and Argentina. Previously announced distributors cover Australia, New Zealand, Malaysia, South Korea, Netherlands, Luxembourg, Belgium, Italy, Spain, and Canada.
Export licenses for 32 countries have been approved by the US Department of Commerce. The Company has trained six of the ten international distributors thus far with plans to train the rest of the distributors in the coming weeks. Training distributor personnel empowers them to demonstrate and sell the BolaWrap products to their customers.
In addition to the 10 exclusive international distributors, Wrap has received US Department of Commerce export licenses or is working with non-exclusive distributors and representatives arranging initial product introductions in an additional 25 countries. Some of these countries include Jordan, Qatar, Bahrain, Kuwait, United Arab Emirates, several Caribbean Island countries, France, Switzerland, United Kingdom, Cyprus, Italy, Mexico, Colombia, Indonesia, Thailand, Vietnam, Taiwan, Japan, Ecuador, Peru, Paraguay, and Brazil.
“We are moving at a great pace following our first $1+ million international order,” said Tom Smith, President of Wrap Technologies. “The international community continues to express a strong interest in the BolaWrap, and our growing distribution network enables us to meet the need for remote restraint.”
This past week the company performed a BolaWrap demonstration in Washington D.C. hosted by Fredrick County Sheriff’s Office to multiple countries including Colombia, Ecuador, Bolivia, Chile, Brazil, and US agencies including Fredericks Police Department, MPDC, FNA, and Howard County PD.
“We are on track to meet 2019 strategic objectives and are well funded to aggressively pursue both domestic and international sales opportunities,” added David Norris, CEO. “We are very pleased with the response from those agencies evaluating and those purchasing our improved BolaWrap 100 with its integrated green line laser.”
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.