Wrap Technologies, Inc. Announces Largest BolaWrap Order in Company History
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The announcement of Wrap Technologies' largest order to date is a substantial development for the company and its stakeholders. The $4.9 million BolaWrap order is a strong indicator of the company's growth and the market's increasing demand for non-lethal law enforcement tools. As public safety priorities evolve, law enforcement agencies are actively seeking alternatives to traditional methods, which is a trend that could drive future revenue for companies like WRAP.
From a market perspective, this order could signal burgeoning interest in safer apprehension technologies and may prompt competitors to accelerate similar product development. The size of the order also suggests that WRAP's distribution network is robust and capable of securing large-scale deals, which is critical for the company's expansion and market penetration goals.
The financial implications of this landmark order for WRAP are multifaceted. Firstly, a deal of this magnitude could significantly impact the company's quarterly earnings, providing a substantial revenue boost. Investors should monitor how this influx of capital affects the company's operational efficiency, particularly in scaling production infrastructure and R&D efforts. The order's size relative to WRAP's overall revenue stream will be a critical factor in assessing its financial health and growth trajectory.
Additionally, the order may enhance investor confidence and could potentially influence the company's stock valuation. However, it's important to remain cautious and consider the company's ability to fulfill such a large order on time and maintain product quality, as these factors will be crucial in sustaining long-term growth and profitability.
The increasing interest in non-lethal alternatives like the BolaWrap device has legal implications for both the company and the law enforcement agencies that use it. As regulations around law enforcement practices tighten, the demand for devices that can de-escalate situations without causing harm is likely to grow. This creates a favorable legal environment for WRAP's products.
However, the company must navigate complex regulatory landscapes across different jurisdictions, especially as it expands globally. Compliance with international standards and local laws will be critical. Moreover, as the use of such devices becomes more widespread, there may be legal challenges or liability issues arising from their deployment, which WRAP must be prepared to address.
TEMPE, Ariz., Dec. 27, 2023 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety and private security solutions, proudly announces a landmark milestone in its history, having received a
Today’s news demonstrates the potential demand for WRAP's groundbreaking BolaWrap device, a non-lethal restraint solution designed to assist law enforcement in safely apprehending individuals without causing harm. The order, placed by a Company distributor, is a testament to the increasing recognition of BolaWrap's efficacy and the growing importance of less-lethal alternatives in modern law enforcement.
"We are thrilled to announce this
The order is expected to also support WRAP's ongoing efforts to scale its production infrastructure, accelerate research and development initiatives, and enhance customer support.
WRAP Technologies encourages investors, stakeholders, and the public to stay tuned for further updates and developments as the company continues to make strides in revolutionizing public safety technology.
About Wrap
Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships. Driving safer outcomes, empowering public safety and communities to move forward together.
Wrap's BolaWrap® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar® tether that safely restrains individuals from a distance. Combined with BolaWrap® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 900 agencies across the US and 60 countries around the world, with the expertise to effectively use BolaWrap® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes. Saving lives with each wrap.
Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes. Building safer communities one decision at a time.
Wrap Intrensic is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters. Expediting justice with integrity.
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Trademark Information
Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. 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”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, 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 business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the US; 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 mentioned in the Company’s most recent annual report on Form 10-K, 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’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.
Investor Relations Contact:
800.583.2652
ir@wrap.com
Media Relations Contact:
Leigh Anne Arnold
5W Public Relations
wrap@5wpr.com
FAQ
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