WRAP Receives First Order Through the Arizona Municipal Risk Retention Pool Funding Program
11 January 2022 - 1:17AM
Wrap Technologies, Inc. (Nasdaq: WRAP) (the
“Company”), a global leader in innovative public safety
technologies and services, today announced the first order for its
BolaWrap 150® Remote Restraint devices through the Arizona
Municipal Risk Retention Pool (AMRRP) funding program announced on
December 16, 2021.
The order was placed following the announcement that the AMRRP
Board of Trustees voted unanimously to approve funding to assist
its member police agencies statewide in procuring BolaWrap devices
for active-duty police officers. The AMRRP represents over 60 rural
agencies with more than 1,800 police officers. AMRRP will fund 50%
of the purchase price of the BolaWrap and the associated
accessories, to help equip police officers that work for its member
agencies.
The agency order is for full deployment to all active-duty
officers including devices, cassettes, and holsters. The Company
expects to ship the order in the first quarter of 2022.
“I’m excited to see the rapid response from these agencies to
the AMRRP funding program,” said Tom Smith, President and CEO of
WRAP. “The need for early intervention tools and alternatives to
higher levels of force is prevalent. We believe the agencies
recognize the potential savings that the early use of the BolaWrap
can have on reducing excessive force claims, as seen by the first
order being for a full deployment.”
The Company has received five additional requests for quotes
from AMRRP member agencies.
About AMRRP
The Arizona Municipal Risk Retention Pool (AMRRP) is a
Municipally Governed Risk Pool dedicated solely to Coverage and
Risk Management Solutions for Arizona cities and towns. AMRRP
headquarters are in Scottsdale, Arizona. To learn more about the
AMRRP, please visit: https://www.amrrp.org/.
About WRAPWRAP Technologies (Nasdaq: WRAP) is a
global leader in innovative public safety technologies and
services. WRAP develops creative solutions to complex issues and
empowers public safety officials to protect and serve their
communities through its portfolio of advanced technology and
training solutions. WRAP’s BolaWrap® Remote Restraint device
is a patented, hand-held pre-escalation and apprehension tool that
discharges a Kevlar® tether to temporarily restrain uncooperative
suspects and persons in crisis from a distance. Through its many
field uses and growing adoption by agencies across the globe,
BolaWrap is proving to be an effective tool to help law enforcement
safely detain persons without injury or the need to use higher
levels of force. Wrap Reality, the Company’s virtual reality
training system, is a fully immersive training simulator and
comprehensive public safety training platform providing first
responders with the discipline and practice in methods of
de-escalation, conflict resolution, and use-of-force to better
perform in the field. WRAP’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.Connect with
WRAP:WRAP on FacebookWRAP on Twitter WRAP on
LinkedInTrademark InformationBolaWrap, 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 StatementThis 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 successfully 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, including the
acceptance of the BolaWrap 150; the risk that distributor and
customer orders for future deliveries are modified, rescheduled or
cancelled in the normal course of business; 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. ManleyVP –
Investor Relations(612) 834-1804pmanley@wrap.com Media
Contact: media@wrap.com
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