Core Viewpoint - Wrap Technologies, Inc. is poised to capitalize on U.S. government efficiency initiatives by consolidating public safety technology, delivering cost savings, and reforming training solutions under the leadership of newly appointed President and COO Jared Novick [1][5]. Company Developments - Jared Novick has been promoted to President and COO, with expectations to launch efficiency-driven public safety offerings for law enforcement and federal agencies [1]. - The company has relocated its manufacturing headquarters to Virginia, enhancing its pursuit of U.S. Federal government contracts [1]. - Wrap's recent acquisition of W1 Global, LLC positions the company to identify inefficiencies and optimize public safety strategies for federal agencies [5][9]. Strategic Focus - Wrap aims to provide integrated technology solutions to streamline operations and reduce costs for federal, state, and local governments [2][5]. - The company plans to leverage established public-private partnership frameworks to implement efficient training solutions and advanced technologies [5]. - Wrap is strategically focusing on building relationships in Washington, D.C. to enhance its federal business expansion [6]. Leadership and Expertise - Jared Novick brings extensive experience from his career in U.S. Intelligence Agencies and as a successful entrepreneur, uniquely positioning him to lead Wrap's growth in public safety technology [8][10]. - His investment in Wrap through an affiliated partnership demonstrates his commitment to the company's long-term vision [3][4]. Product Offerings - Wrap's BolaWrap solution provides a non-lethal method for law enforcement to gain compliance, used by over 1,000 agencies in the U.S. and 60 countries [13]. - The Wrap Reality™ VR training simulator enhances decision-making for first responders through realistic scenarios [14]. - The Intrensic body-worn camera system is designed for efficiency and compliance in evidence management [15][16].

Core Viewpoint - Wrap Technologies has executed a securities purchase agreement for a private placement, raising approximately $5.8 million through the sale of 3,216,666 shares of common stock at $1.80 per share, along with warrants for the same number of shares [1][2]. Financing Highlights - The private placement is subject to customary closing conditions and is expected to close around February 28, 2025 [2]. - The net proceeds from the offering will be utilized for working capital and general corporate purposes [2]. - The securities were sold in transactions exempt from registration requirements under the Securities Act, relying on specific exemptions [4]. Company Overview - Wrap Technologies is a global provider of advanced public safety solutions, focusing on innovative technology and comprehensive services to enhance public safety [6]. - The company's flagship product, BolaWrap, is a remote restraint device designed to safely restrain individuals from a distance, aiming to prevent escalation and save lives [7]. - Wrap Reality™ is an advanced virtual reality training system that prepares first responders for real-life scenarios, enhancing their ability to manage conflicts and apply appropriate measures [8]. Investment and Market Strategy - The majority of the investment in the private placement comes from partnerships affiliated with insiders and existing investors, supporting the go-to-market strategy for BolaWrap and Managed Safety and Response (MSR) [9]. - The funding will accelerate the company's commitment to delivering Made-in-America public safety solutions and enhance training and customer support for BolaWrap programs [9].

Core Insights - Wrap Technologies has completed the acquisition of W1 Global, enhancing its capabilities in Managed Safety and Response (MSR) services and expanding its international reach [1][2][4] Group 1: Acquisition Details - The acquisition of W1 Global is expected to increase Wrap's access to a skilled team with expertise in international criminal investigation and compliance [2][4] - This transaction is anticipated to create an end-to-end ecosystem with two key business lines: comprehensive MSR solutions and tech-enabled professional services [5][6] Group 2: Strategic Implications - The acquisition positions Wrap for international expansion by leveraging W1's global network and expertise in investigative services [4][5] - Wrap aims to access a deep talent pool as individuals transition from government roles, marking the beginning of strategic talent acquisitions to meet market demands [3][4] Group 3: Leadership and Expertise - The professional services will be led by Bill McMurry, a former FBI Supervisory Special Agent, bringing extensive law enforcement experience [7] - Managed Safety and Response will be overseen by Jim DeStefano, who has a background in crisis response and special operations [7] Group 4: Client Demand and Market Position - There is a strong appetite among Wrap's international clients for investigative services, while W1 Global's clients are interested in Wrap's technology solutions like BolaWrap and drones [5][6] - The strategic combination of both companies is expected to drive growth and enhance client support by meeting the demand for integrated safety and technology-driven services [5][6]

Core Viewpoint - Wrap Technologies has launched its Managed Safety and Response (MSR) Connected Ecosystem in Virginia, aiming to modernize law enforcement training and safety solutions, with support from Governor Glenn Youngkin and local public safety institutions [1][7]. Group 1: Product and Service Offerings - The MSR Connected Ecosystem integrates enhanced training, automated support systems, and a scalable platform to meet the needs of law enforcement agencies [2][3]. - The ecosystem includes AI-powered reporting for body-worn cameras, a Drone as First Responder (DFR) program, and comprehensive VR training expansion to improve officer training and operational effectiveness [6][11]. - Wrap's BolaWrap solution is designed to safely restrain individuals from a distance, aiming to reduce escalation and enhance officer safety [10]. Group 2: Strategic Vision and Commitment - The company is focused on addressing the challenges faced by law enforcement in adopting new technologies and ensuring officers receive adequate training and resources [4][5]. - Wrap aims to simplify the adoption of its technologies by providing a fully managed service that consolidates fragmented tools into a cohesive solution, thereby enhancing officer safety and effectiveness [4][5]. - The commitment to a TAA-compliant, non-Chinese supply chain for body cameras emphasizes the company's focus on secure and reliable technology for law enforcement [6]. Group 3: Market Position and Future Outlook - The relocation of Wrap's facility to Southwest Virginia aligns with the state's goal to leverage innovative technologies for public safety, setting a new standard in law enforcement practices [7]. - The MSR Connected Ecosystem is designed to reduce cognitive load for officers, transforming their operational capabilities in critical situations [8]. - Wrap Technologies is positioned as a leading provider of advanced public safety solutions, integrating modern technology to address contemporary challenges faced by public safety organizations [9].

Core Insights - Wrap Technologies, Inc. has relocated its manufacturing and distribution facility to Virginia, emphasizing the state's strategic location and commitment to public safety innovation [1][4] - The new facility will centralize the production of key products like BolaWrap® and Wrap Reality™, enhancing the company's ability to provide comprehensive public safety solutions [2][6] Company Developments - The new 20,000-square-foot facility will serve as a cornerstone for Wrap's next-generation strategy, focusing on training, talent development, and customer support for law enforcement agencies [2][6] - The initiative is supported by a $4.1 million project from the Virginia Economic Development Partnership, highlighting the region's emerging status as a hub for law enforcement expertise [4][5] Product Innovations - Wrap's BolaWrap® is a patented remote restraint device designed to safely restrain individuals from a distance, aiming to mitigate risks and save lives [9] - Wrap Reality™ is an immersive virtual reality training platform that prepares first responders for real-world challenges, focusing on de-escalation tactics and appropriate use-of-force measures [10] Economic Impact - The relocation is expected to create over 120 new jobs in Virginia, leveraging the local talent pool and enhancing public safety outcomes [5][6] - Wrap Technologies aims to be the leading "Made-in-America" supplier for public safety, offering end-to-end solutions that include hardware, software, and training programs [6]

Core Points - Wrap Technologies, Inc. has issued a notice advising that the news release regarding their new strategy and facility in Virginia should be disregarded [1] Company Summary - The company had previously announced a go-forward strategy focused on public safety and defense solutions [1]

TEMPE, Ariz., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety solutions, today announced key financial and operational achievements for the third quarter ended September 30, 2024. Key Highlights: Significant Cost Reductions: Operating expenses slashed by 22% year-over-year, falling to $3.9 million from $4.9 million in Q3 2023, reflecting efficiency gains.Monetizing Inventory: Ongoing cost-saving measures and paus ...

Market Potential - The global non-lethal products market is expected to grow to $16.1 billion by 2027, indicating significant market potential for the company's offerings[12]. - The virtual training and simulation market is projected to reach $602 billion by 2027, presenting growth opportunities for the company's VR training solutions[26]. Product Development and Innovation - The company focuses on research and development to enhance existing products and introduce new ones, ensuring competitive advantages in the market[15]. - The BolaWrap device is designed to safely restrain individuals from a distance of 10-25 feet, providing a non-lethal alternative to traditional force options[27]. - The BolaWrap 150 was launched in late Q1 2022, replacing the BolaWrap 100, with a focus on modern electronic deployment and reduced production costs[35]. - The company spent approximately $3.3 million on research and development in 2023, equating to 53% of revenue, compared to $5.1 million or 63% of revenue in 2022[72]. - The company has 22 issued US patents related to the BolaWrap technology and six additional US patents pending, with a total of 67 issued domestic and international patents[69]. Training Solutions - The Wrap Reality VR training platform has 45 scenarios for law enforcement and corrections, providing immersive training solutions that are crucial for modern policing[13]. - The Wrap Reality Virtual Training platform now offers 38 training scenarios for law enforcement, with the potential for countless additional scenarios[36]. - The company has developed 38 fully formed law enforcement scenarios and 25 corrections and societal reentry scenarios in 3D for its virtual reality training[64]. International Expansion - The company has established distribution agreements with 35 international distributors covering 75 countries, indicating a strong global presence and market penetration[15]. - The company has shipped restraint products to 62 countries, showcasing its international reach and commitment to expanding its market share[15]. - The company anticipates that international sales will continue to represent a significant portion of revenues, driven by centralized purchasing decisions in international markets[21]. - The commercialization strategy targets over 18,000 law enforcement agencies in the US and the 100 largest police forces internationally, totaling over 12 million police officers[53]. Financial Management - The company plans to maintain financial prudence while pursuing business opportunities domestically and internationally, including potential acquisitions[54]. - Supply chain challenges, such as component shortages and increased lead times, may impact production schedules and financial performance[56]. - As of December 31, 2023, the company had a backlog of approximately $209 thousand, which was delivered in the first quarter of 2024[57]. - The company is obligated to pay royalties of 4% of revenue from products employing the licensed device technology, with $919 thousand paid out as of December 31, 2023, leaving a maximum of $81 thousand to be paid in the future[74]. Workforce and Operations - The company employs 52 full-time employees, with 50 located in the U.S. and two in the United Kingdom, including personnel in sales, marketing, production, research and development, and administration[75]. - The company implemented a more automated supply chain in 2022 to support increased production volume for the BolaWrap 150[35]. Competitive Positioning - The company believes the BolaWrap product may be used more often than certain other tools, positioning it uniquely in the law enforcement market[60]. - The company recognizes that competitors may have greater resources but believes its unique positioning and strong product foundation provide a competitive advantage[63]. - The company aims to equip every public safety officer with a BolaWrap, enhancing community relations and reducing the need for higher-level use of force tools[19]. Collaborations and Acquisitions - In August 2021, the company announced a collaboration with Amazon Web Services to enhance the Wrap Reality platform with secure cloud services[37]. - The acquisition of Intrensic in August 2023 allows the company to expand its product suite and address a wider market in law enforcement and public safety[38]. - Wrap Intrensic's platform includes features for secure cloud storage and evidence management, enhancing accountability within law enforcement[39]. Legislative Efforts - The company is actively working to improve legislation to allow its products to be directly transferred to private security forces and individuals[65].

SFPD joins 50 California-based law enforcement agencies, including Hawthorne and Menlo Park Police Departments, that are advancing community policing with their decision to adopt innovative de-escalation tools and training. Wrap is proud that BolaWrap can be used to assist in enforcing the law, consistent with the values that make the City of San Francisco a vibrant and diverse community. Throughout July of 2024, SFPD will undergo comprehensive training at their Academy to master the use of the BolaWrap. Th ...

TEMPE, Ariz., July 18, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) ("Wrap" or the "Company") is pleased to announce a transformative pilot with the San Francisco Police Department ("SFPD"). A recent San Francisco Police Commission meeting revealed that 60 of the Company's BolaWrap devices will be issued to the Field Training/Force Options Unit. This initiative has great potential to address the growing number of calls related to mental health issues and support the advancement of policin ...