TEMPE, Arizona, July 06, 2022 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced the sale of its Societal Reentry Virtual Reality Software to a correctional agency in Ohio as the company continues to expand into other customer segments.
The repatriation and rehabilitation software is a product line of the company’s Wrap Reality virtual reality training system and is designed to teach incarcerated individuals coping skills by exposing them to a variety of situations in an immersive, 360-degree environment. The program has six levels of assessment, including quizzes and instruction-based scenarios, and provides educational content for developing a wide range of skills.
“This sale marks an important milestone in Wrap Reality’s continued expansion into the larger virtual reality software markets,” said Wrap CEO, TJ Kennedy. “We expect greater adoption from correctional agencies as we continue to educate the market about the need to use virtual reality for inmates to prepare for reintegration into society.”
Wrap Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. Wrap develops creative solutions to complex problems 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 arrest tool that discharges a Kevlar to temporarily restrain uncooperative suspects and persons in crisis from a distance. Due to its many uses in the field and increasing adoption by agencies around the world, BolaWrap is proving to be an effective tool to help law enforcement officers hold individuals safely without injury or the need to use more force.
Wrap Reality, the company’s virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that provides first responders with the discipline and practice in methods of de-escalation, conflict resolution, and use of force to perform better in the field. .
Wrap is headquartered in Tempe, Arizona. For more information, visit wrap.com†
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BolaWrap, Wrap and Wrap Reality are trademarks of Wrap Technologies, Inc. All other trade names used herein are trademarks or registered trademarks of their respective holders.
Warning About 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 general business; total addressable market; and expectations regarding future sales and expenses. Words like “expect”, “anticipate”, “should”, “believe”, “striving”, “project”, “goals”, “estimate”, “potential”, “forecast”, “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. In addition, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the Company’s control. The Company’s actual results could differ materially from those expressed or implied by forward-looking statements due to a number of factors, including but not limited to: the Company’s ability to successfully implement training programs in the use of its products; the company’s ability to manufacture and manufacture products for its customers; the company’s ability to develop sales of its new product solution; the acceptance of existing and future products; the availability of funding to continue funding activities; the complexity, cost, and time associated with selling to law enforcement and government agencies; the long evaluation and sales cycle for the company’s product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulation; the business consequences of health crises or disease outbreaks, such as epidemics or pandemics; the impact of geopolitical conflicts and resulting sanctions; the ability to obtain export licenses for counties outside the US; the ability to obtain patents and defend IP against competitors; the impact of competing products and solutions; and the Company’s ability to maintain and improve its brand, as well as other risk factors identified 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 are based on current expectations, estimates, forecasts and projections, as well as management’s beliefs and assumptions. Except as required by law, the company assumes no duty or obligation to update any forward-looking statements in this press release as a result of new information, future events or changes in its expectations.
Paul M. Manley
VP – Investor Relations
Media contact: [email protected]