Wrap Secures 3 Additional International Orders; 5 Domestic Distributor Orders
LAS VEGAS, NV / ACCESSWIRE / July 17, 2019 / Wrap Technologies, Inc. (the "Company" or "Wrap") (Nasdaq: WRTC), an innovator of modern policing solutions, today announced the Company has received an international distributor order valued in excess of $1 million. Under the terms of the order, Wrap has received an initial deposit and is supporting the distributor with training and demonstration of BolaWrap to customers. The Company expects to commence shipments in the second half of 2019.
The Company also reported receiving three additional international orders and its first five domestic distributor orders. In addition to placing initial orders, distributors are being trained in the proper use of BolaWrap devices and they have commenced selling Wrap products to customers throughout the United States.
"We are excited about our first significant international order," said Tom Smith, President of Wrap Technologies. "We believe this is the first of many orders, as the interest from both the domestic and international communities has been tremendous. With this new order, Wrap will have shipped the latest BolaWrap model to six countries. We have received over 500 international inquiries from more than 90 countries expressing interest in BolaWrap. From my previous experience, I am pleasantly surprised how quickly we received our first $1M order. A remote restraint device is attractive to international agencies and accordingly we see the international market for BolaWrap as a significant growth opportunity for the Company."
Distributor and customer orders for future deliveries are generally subject to modification, rescheduling or in some instances cancellation in the normal course of business.
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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 entangle 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.
BolaWrap is a trademark of Wrap Technologies, Inc. All other trade names used herein are either trademarks or registered trademarks of the respective holders.
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: any modification or cancellation of distributor or customer orders, and the timing of shipment; 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 ability to obtain export licenses for countries outside of the U.S. 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.
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SOURCE: Wrap Technologies, Inc.
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