LAS VEGAS, NV / ACCESSWIRE / July 18, 2018 / Wrap Technologies, Inc. (OTCQB: WRTC), an innovator of modern policing solutions, today announced significant progress towards commercializing the BolaWrap™ 100.
"As we outlined in April, commercialization of a new police product involves demonstration, in-house evaluation, training and policy development and field testing before adoption as a standard policing tool," explained David Norris, CEO of Wrap Technologies. "We have demonstrated BolaWrap 100 to over 30 departments and are sponsoring 10 leading law enforcement departments across the nation that are in various stages of the testing process. We are pleased to report that the first agencies have advanced through in-house testing, completed policy and training, and now are field testing our solution with selected officers. This is an important step towards procurement.
"We believe the rapid pace we are seeing in a typically long process is driven by the desire of agencies to meet community demands to more humanely interact with the public, especially subjects in mental crisis. Although many subjects may not have a firearm, encounters still often present a danger to the public, themselves or the officer in the performance of his or her duties. Today police have limited options available to use in such encounters that do not escalate the situation."
The hand-held BolaWrap 100 is an early engagement tool intended to reduce the need and frequency for pain-inflicting or injurious use of force. It was designed alongside law enforcement with a focus on the complex problem of interacting with the mentally ill. According to a study by the "Treatment Advocacy Center" there is an estimated 7.9 million adults in the U.S. with a severe mental illness. While representing 4 of 100 adults, they generate 1 in 10 calls for police service and unfortunately, they represent 1 in 4 fatal police encounters.
"The professional law enforcement agencies we are sponsoring are leaders engaging with community stakeholders on this very important issue. We are excited that the first of these agencies have completed training, cleared new use policies and are now placing BolaWrap in the field," concluded Mr. Norris.
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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 and patent pending, 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:
David Norris
800-583-2652, Ext #504
david@wraptechnologies.com
SOURCE: Wrap Technologies, Inc.
