Under the Symbol:
Wrap Technologies Receives New International Order For 21,600 BolaWrap(R) Cartridges for The Indonesian National Police
Monday, June 29, 2020 9:05 AM
TEMPE, AZ / ACCESSWIRE / June 29, 2020 / Wrap Technologies, Inc. (the "Company" or "Wrap") (NASDAQ:WRTC), an innovator of modern policing solutions, today announced the Company has received a new follow-on order for 21,600 additional BolaWrap cartridges for the Indonesia National Police force.
Earlier this month, the Company reported the fulfillment of an initial order of devices and cartridges placed by the Company's distributor in Indonesia at the end of 2019. The Company's distributor recently secured a contract with the Indonesian National Police force following successful BolaWrap demonstrations across the country. The Company supplied the Indonesian National Police force with BolaWrap devices customized with the police force's logo and matching uniform colors.
"We are very pleased to see both new international orders and follow-on orders such as this one for a major police force," said Tom Smith, President at Wrap Technologies. "We believe this order reflects the Indonesian National Police force's acceptance of the BolaWrap as a viable solution to an age-old challenge in policing - safely detaining noncompliant subjects without injury."
The Indonesian National Police force consists of approximately 387,000 police officers, and they plan to use this new order of cartridges with previously purchased BolaWrap devices to begin training thousands of officers in their agency.
"Wrap has worked hard to develop a strong international distribution network representing 29 countries," said David Norris, CEO of Wrap Technologies. "BolaWrap devices are on the ground in 27 countries with distributors and agencies restarting demos and trainings following the COVID-19 lockdown. We believe BolaWraps' remote restraint responds to the social distancing question for law enforcement wanting to de-escalate without using pain compliance tools."
The Company expects to recognize revenue on this order in Q2 and Q3 of 2020.
Highlights from the BolaWrap demonstrations in Indonesia can be viewed here.
About Wrap Technologies (NASDAQ: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 range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company's Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information on the Company please visit www.wraptechnologies.com. Examples of recent media coverage are available as links under the "Media" tab of the website.
Trademark Information: BolaWrap 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," 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 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 included 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 CONTACT:
Paul M. Manley
VP - Investor Relations
SOURCE: Wrap Technologies