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| 8-K - WRAP TECHNOLOGIES, INC. | form8k-08212018_010829.htm |
FOR IMMEDIATE RELEASE
Wrap Technologies First International Order
for BolaWrap 100
Fielding
Worldwide Inquiries for New Non-Lethal Tool
LAS VEGAS, Nevada, August 21, 2018 – Wrap
Technologies, Inc. (OTCQB: WRTC), an innovator of modern policing
solutions, announced today it has accepted its first international
order for its BolaWrap 100 non-lethal remote restraint
device.
“We
are seeing a dramatic increase in interest in BolaWrap 100 both
domestically and internationally as a result of media and our
marketing efforts,” said David Norris, President of Wrap
Technologies. “We are being very selective as we develop
export opportunities and acceptance of this first opening Asian
order follows several months of diligence.”
In
recent weeks the Company has fielded multiple inquiries from
Europe, Asia (including the Middle East), Central and South America
and Canada. The largest 100 countries in these markets represent an
addressable market of over 12 million police officers compared to
765,000 sworn officers in the United States. In many countries,
including England, Ireland, New Zealand, Iceland, Norway and
others, police officers do not routinely carry firearms and have
limited tools to engage an increasingly non-compliant
public.
“While
police worldwide are universally trained to de-escalate hostile
situations and use minimal violence in response to a threat,
challenges and controversies regarding use of force and mental
health encounters create a receptive global market for our new
early engagement tool,” stated Mr. Norris. “Our
aggressive growth strategy includes targeting important
international markets both directly and through qualified
representatives.”
The
Company reported that it is designing production to meet the
potential of a very large global market for the BolaWrap 100. It is
also developing export compliance and the logistics required to
deliver in selected international markets. The Company owns three
U.S. patents and five pending patents on its technology. The
Company has also filed to reserve all international patent rights
to its BolaWrap innovations. Other technology innovations are
currently under development expected to result in more patent
filings this year. The Company’s strategy is to aggressively
secure its product innovations in both domestic and international
markets.
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.
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, 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