BolaWrap and Wrap Tradenames Registered in Multiple Countries
TEMPE, Arizona, February 5, 2020 -- Wrap Technologies, Inc. (the “Company” or “Wrap”) (Nasdaq: WRTC), an innovator of modern policing solutions, announced receipt of the first two foreign country patent allowances on its innovative restraint device and technology. The Company has to date filed for patent protection in 27 countries plus the European Community covering up to 38 additional countries.
The Company’s Chief Technology Officer and award-winning inventor, Elwood (Woody) Norris stated, “Each jurisdiction performs its own examination and review. These first two foreign allowances are further confirmation of the merits and uniqueness of our novel technology. We anticipate additional country allowances in 2020.
“We expect that current and future customers, consisting mostly of government agencies, will honor our leading patent position and recognize the benefits and importance of our robust training and support infrastructure.”
The Company owns six U.S. patents with multiple U.S. and foreign patents pending on various aspects of its restraint technology and plans to file additional patents in 2020. Other technology innovations are also under development. The Company’s strategy is to aggressively secure its product innovations in both domestic and international markets.
Recognition and awareness of the Company’s BolaWrap and Wrap brands is growing rapidly due in part from the impact of over 80 million social media impressions worldwide and over 1000 local and national television airings. The Company’s trademarks are already registered in a half dozen countries and are pending and expected to be granted protection in many others in 2020.
Woody Norris has been granted over 80 U.S. patents covering a range of pioneering innovations including non-lethal hailing devices, defense technologies, medical technology, data storage and audio electronics. His pioneering patents have served as part of the foundation of billion-dollar product markets. Companies founded by Mr. Norris have also successfully defended core technology patents through enforcement and licensing generating over $300 million in gross license fees from major international technology companies.
Mr. Norris is a past recipient of the prestigious Lemelson-MIT $500,000 national inventor prize. He has also been a frequent feature speaker on patents and innovation to attorneys in the U.S. patent office and at events sponsored by major corporations including IBM, General Motors, Chrysler Corporation, RIM (Blackberry) and others.
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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.