Wrap Technologies Announces New International Purchase Orders
Post Author: Wrap Technologies
Post Date: June 18, 2020
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.
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.