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WRAP TECHNOLOGIES, INC.

(WRAP)
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WRAP Reports on Documented BolaWrap Remote Restraint Device Field Uses

05/05/2021 | 12:52pm EDT

TEMPE, Ariz., May 05, 2021 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (the "Company" or "WRAP") (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, reported new data on BolaWrap uses in real-world law enforcement field situations. The first 50 field uses reported to WRAP by police agencies from across the United States resulted in an over 80% effective rate as tabulated by WRAP.

The International Association of Chiefs of Police has described use of force as the “amount of effort required by police to compel compliance by an unwilling subject”1. Because BolaWrap doesn’t rely on pain to gain compliance, the device is designed to be used earlier during encounters with unwilling subjects to help prevent escalation and the need to use higher levels of force.

WRAP and many police departments in the U.S. tabulate the efficacy of a tool such as the BolaWrap by its ability to assist in taking a suspect into custody without excessive force, thereby ending the situation and facilitating a successful outcome. WRAP considers any outcome that results from a device assisting in taking the suspect into custody without the use of a higher level of force reflects the device’s measure of effectiveness. Entities may have their own method of tracking and defining the effectiveness of various law enforcement tools.

“Police officers in the U.S. utilize a variety of tools to achieve the desired outcome,” said Mike Rothans, Chief Strategy Officer at WRAP and retired Assistant Sheriff of the Los Angeles County Sheriff’s Department. “The effectiveness of these tools, from surveillance equipment to lethal force, is measured by the degree to which the agency achieves its goals. Simply put, if a device performs in the manner for which it is intended and achieves the desired outcome, then police executives evaluate that tool as effective.

“The “magic bullet” doesn’t exist; no tool or equipment carried by law enforcement is 100% successful. We believe these reports indicate that BolaWrap is helping to end police encounters across the U.S. faster, reducing injuries to everyone involved, decreasing the potential for civil liability, and building trust within the communities we serve,” added Rothans.

Chief Brian Swafford of Fruitland Police Department in Maryland and Chief Joseph Deras of Glenwood Springs Police Department in Colorado recently participated in interviews with Mr. Rothans and WRAP CEO Tom Smith. They discussed their departments’ successful BolaWrap deployments. Highlights of the interviews can be viewed here.

Many agencies consider BolaWrap a very low level or non-report worthy use of force option, and, accordingly, many uses are not reported to WRAP. Each field use was documented via a field use report from the respective agencies. Some agencies also shared bodycam footage of the field uses, and links to those videos can be found below.

Fruitland, Maryland
Glenwood Springs, Colorado
Mountlake Terrace, Washington
Virginia, Minnesota
LaGrange, Georgia
St. Cloud, Florida
Beaufort, South Carolina

For more use case highlights, please visit: https://wrap.com/bodycam

Note 1: International Association of the Chiefs of Police, Police Use of Force in America, 2001, Alexandria, Virginia, 2001.

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 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 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


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Net income 2021 -19,1 M - -
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Capitalization 348 M 348 M -
Capi. / Sales 2021 34,3x
Capi. / Sales 2022 12,6x
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