LAS VEGAS, NV / ACCESSWIRE / July 31, 2018 / Wrap Technologies, Inc. (OTCQB: WRTC), an innovator of modern policing solutions, today announced the issuance of the third U.S. patent on its innovative non-lethal restraint device and technology. This third grant in last two months is representative of the Company’s rapidly growing intellectual property portfolio.
The Company has multiple U.S. and foreign patents pending on various aspects of its restraint technology. Other technology innovations are currently under development that are expected to result in more patent filings this year. The Company’s strategy is to aggressively secure its product innovations in both domestic and international markets.
The Company’s Chief Technology Officer and award-winning inventor, Elwood (Woody) Norris stated, “What started out as a simple request from veteran police officers to help address the urgent issue of police encounters with the mentally ill has now led to a patented technology and product generating worldwide interest. This important new patent focuses on key aspects of the ability to make an effective remote restraint device in a very small package, an important requirement for use in modern policing.”
According to the International Association of Chiefs of Police (IACP), law enforcement officers nationwide are increasingly called upon to respond to and intervene on behalf of the 44.7 million people in the United States affected by mental illness. The nature of this interaction has become an issue of national concern. With 24% of fatal police encounters in 2017 involving mental illness, the new BolaWrap 100 offers a solution designed for de-escalating and reducing the number of fatalities, injuries and incidents of use of force.
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About Wrap Technologies (OTCQB: WRTC)
Wrap Technologies is an innovator of modern policing solutions. Wrap Technology premiered its hand-held BolaWrap™ 100 remote restraint solution at the International Association of Police Chiefs (IACP) October 2017 international conference. In December 2017 the Company completed a self-underwritten IPO and trades on the OTCQB Venture Market for early stage and developing U.S. and international companies.
BolaWrap 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 small but powerful BolaWrap assists law enforcement to safely and effectively control encounters.
Trademark Information: 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 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.
WRAP TECHNOLOGIES’ CONTACT :
Investor Relations IR@wraptechnologies.com