Wrap Technologies Announces New Orders; Expands Inside and Outside Domestic Sales Team
November 17 2020 - 7:24AM
Wrap Technologies, Inc. (the “Company” or
“Wrap”)
(Nasdaq: WRTC), an innovator of modern policing solutions,
announced today 4 key additions to the Company’s inside and outside
sales teams, including Directors of Western Regional Sales and
Eastern Regional Sales.
“We are excited to be introducing additional talent to our sales
department,” said Tom Smith, President and Interim CEO of Wrap
Technologies. “We continue to see a strong pipeline of inbound
requests for BolaWrap demonstrations, training and quotes, and many
agencies who have previously seen demos or have been trained on the
BolaWrap are now beginning to outfit their officers with our
device.”
“With 13 distributors across the US covering 49 states and a
majority of domestic sales coming through our distribution network,
it is important that we continue to grow in our ability to support
our distributors and help drive volume.”Recent orders from domestic
law enforcement agencies received and expected to ship this quarter
include:
- Agency in Indiana: purchased 25 devices
- Agency in Ohio: purchased 15 devices
- Agency in Texas: purchased 10 devices
- Agency in Michigan: purchased 10 devices
Additionally, initial small orders were received from agencies
in Georgia, Minnesota, Virginia, Illinois, Arkansas, New York,
Maine, several Universities and a Federal agency. We expect these
orders may lead to additional future orders.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 restrain an individual at a distance from 10 to 25 feet.
Developed by award winning inventor Elwood Norris, the Company’s
Chief Technology Officer, the small but powerful BolaWrap 100
assists law enforcement in safely and effectively deescalating
encounters, especially those involving an individual in crisis.
BolaWrap 100 has already been used to safely apprehend suspects
without injury in a number of cities including Los Angeles,
Sacramento, Fresno, Bell, Albuquerque, Minneapolis, West Palm
Beach, Fort Worth, and Oak Ridge. For information on the Company,
please visit www.wrap.com.Follow WRAP® here:
WRAP on Facebook: https://www.facebook.com/wraptechnologies/WRAP
on Twitter: https://twitter.com/wraptechincWRAP on LinkedIn:
https://www.linkedin.com/company/wraptechnologiesinc/Trademark
InformationBolaWrap and Wrap are trademarks 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”, 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
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 Technologies, Inc.Paul M. ManleyVP –
Investor Relations(612) 834-1804pmanley@wrap.com
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