TEMPE, Ariz., Nov. 23, 2020 (GLOBE NEWSWIRE) -- WRAP Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRTC), an innovator of modern policing solutions, announced the expansion of its WRAP Armor™ ballistic shield product line to include the Level IIIA Patrol Shield and the Molle Shield Cover in addition to the Level III Tactical Shield.
WRAP Armor™ products are now available to view via the Company’s newly launched wrap.com website URL.
“Our vision is to become a leader in providing public safety with advanced technology solutions to help protect law enforcement officers and the citizens they serve,” said Tom Smith, President and Interim CEO at WRAP. “The introduction of our revolutionary BolaWrap® Remote Restraint device to law enforcement has enabled us to build a strong distribution network and customer base which we intend to leverage by continuing to innovate and provide public safety with needed solutions.
“We believe every officer should have access to ballistic shields in their patrol cars without needing to wait for tactical units to arrive, especially during these uncertain times of COVID and frequent rioting.”
WRAP Armor ballistic shields contain a combination of military grade polyurea exterior coating and advanced composite materials which produce superior performing shields with multi-hit capacity. The Levell III Tactical Shields start at just 16 lbs and protect against multiple rifle rounds, and the Level IIIA Patrol Shields start at 6 pounds and protect against multiple pistol rounds.
All WRAP Armor ballistic shields are NIJ 0108.01 compliant.
Ballistic shields are a component of the Ballistic Protection Materials & Equipment Market valued at $1.7 billion in 2018 and is expected to be valued at $2.4 billion by 2025 according to Global Market Insights.
About WRAP (WRTC)
WRAP Technologies, Inc. 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 distance from 10 to 25 feet. Developed by award winning inventor Elwood Norris, the Company’s Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement in safely and effectively deescalating encounters, especially those involving an individual in crisis. BolaWrap 100 has already been used to safely apprehend suspects without injury in a number of cities including Los Angeles, Sacramento, Fresno, Bell, Albuquerque, Minneapolis, West Palm Beach, Fort Worth, and Oak Ridge. For information on the Company, please visit www.wrap.com.
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WRAP on LinkedIn: https://www.linkedin.com/company/wraptechnologiesinc/
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”, 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 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 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.
WRAP Contact:
Paul M. Manley
VP – Investor Relations
(612) 834-1804
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67a87c92-d7a3-40e4-8e60-c66a89260d6e