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WRAP TECHNOLOGIES, INC.

(WRAP)
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WRAP Provides Update on LAPD BolaWrap Pilot ProgramáExtension

06/04/2021 | 02:03pm EDT

TEMPE, Ariz., June 04, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the "Company" or "WRAP") (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, announced that the next phase of the Los Angeles Police Department’s (LAPD) BolaWrap pilot program (“BolaWrap Pilot Program”) will begin in the third quarter of 2021. 

“The LAPD will continue to test and evaluate the BolaWrap because we see a need for additional de-escalation tools to help keep our officers and communities safe,” said LAPD Deputy Chief Dominic Choi.  “We look forward to continuing the pilot program with Wrap Technologies to determine if the Bolawrap device meets our needs.” 

“Our team is excited to continue working with the LAPD in support of their one-year BolaWrap pilot program extension and to provide training that best fits the city’s needs for innovative public safety solutions focused on avoiding escalation,” said Tom Smith, CEO of WRAP. “We believe that post-COVID BolaWrap deployments during the pilot extension will more closely mirror the effective early intervention deployments we are seeing from other police departments.”

On May 4, 2021, the Los Angeles Board of Police Commissioners (“Commission”) approved a one-year extension of the BolaWrap Pilot Program. The Commission’s approval came after the Chief of Police of the LAPD released a report dated April 28, 2021 (“Report”), which included results from the LAPD’s initial BolaWrap Pilot Program, which expired in February 2021, and yielded data regarding BolaWrap deployment, operations, and results from the use of the device in the field. The LAPD submitted recommendations to the Company to enhance the serviceability of the BolaWrap. Additionally, due to an insufficient sample size during the initial BolaWrap Pilot Program, the Report recommended that the BolaWrap Pilot Program resume for one year at the LAPD’s Hollywood and Central divisions prior to the LAPD’s final evaluation. The Hollywood and Central divisions were selected due to the high volume of calls where the BolaWrap may be useful.

The BolaWrap is currently being tested and used by more than 500 departments in the U.S. and abroad. On May 26, 2021, WRAP announced that the Seattle Police Department approved a BolaWrap pilot program. Internationally, Italy recently became the 44th country to receive BolaWrap technology. 

Bodycam videos of the BolaWrap being used by police departments across the U.S. can be viewed here.  

About WRAP
WRAP Technologies (Nasdaq: WRAP) is a global leader in innovating public safety technologies and services that deliver advanced solutions focused on avoiding escalation. The BolaWrap® Remote Restraint device, WRAP's first product, is a patented, hand-held device that discharges a Kevlar® tether to temporarily restrain from a safe distance. Through many field uses and growing adoption by agencies worldwide, BolaWrap is proving to be an effective tool to safely detain persons without injury. WRAP Reality, the Company's virtual reality training system, is an immersive training simulator and comprehensive public safety training platform designed to empower first responders with the necessary knowledge to perform in the field. WRAP's headquarters are located in Tempe, Arizona. For more information, please visit wrap.com.

Follow WRAP here:
WRAP on Facebook: https://www.facebook.com/wraptechnologies/
WRAP on Twitter: https://twitter.com/wraptechinc
WRAP on LinkedIn: https://www.linkedin.com/company/wraptechnologies/

Trademark Information
BolaWrap, Wrap and Wrap Reality 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 successfully 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 countries 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.

Contact:

Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wrap.com

For Press Inquiries: media@wrap.com


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ę GlobeNewswire 2021
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Financials (USD)
Sales 2021 10,2 M - -
Net income 2021 -19,1 M - -
Net Debt 2021 - - -
P/E ratio 2021 -13,0x
Yield 2021 -
Capitalization 261 M 261 M -
Capi. / Sales 2021 25,7x
Capi. / Sales 2022 9,46x
Nbr of Employees 52
Free-Float 59,4%
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Number of Analysts 3
Last Close Price 6,55 $
Average target price 9,92 $
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Managers and Directors
Thomas P. Smith President, Chief Executive Officer & Director
James A. Barnes Chief Financial Officer, Secretary & Treasurer
Patrick Kinsella Chairman
Elwood G. Norris Chief Technology Officer
Michael Parris Independent Director
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