WRAP Announces Milestone First Subscription Agreement for Virtual Reality Training

TEMPE, Ariz., April 01, 2021 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, announced its first five-year pre-paid subscription sale, with a renewal option after 5 years, to WRAP Reality’s Virtual Reality training simulator to Northern York County Regional Police Department (NYCRPD) in Pennsylvania.

WRAP Reality is a simulation-based training platform for law enforcement officers. Its virtual reality police training brings real-world situations into the virtual space, transporting a trainee to a back alley, a living room, or a car stop. This allows law enforcement agencies the ability to replicate real-world scenarios in a fully-immersive, 360-degree simulated environment. The goal of implementing this type of program is to help officers better prepare for daily interactions with their community.

“The Northern York County Regional Police Department is excited to integrate WRAP Reality VR into our training regimen,” said NYCRPD Chief David Lash. “The 360-degree immersive experience of WRAP Reality is far superior to the projection screen-based simulator we previously utilized. Because we have many young police officers in our department, the ability to move and take cover, look under or over objects, and face threats from all directions allows us to put our officers into stressful situations under controlled conditions. The system’s portability and easy setup will allow us to use it as a community engagement tool and for our Police Explorers program. In addition to training our current police officers, we plan to implement the system during our hiring process as an additional way to evaluate our candidates’ abilities. 

“Through the WRAP Reality subscription model, we are now able to introduce new and challenging scenarios to our officers while also controlling our costs. In evaluating competing systems, we found that the cost of a five-year subscription agreement was far less than the upfront costs associated with other screen-based simulators. Factoring in the ongoing sustainability costs of these other products, WRAP’s subscription model provides us better training at a fraction of the cost. When WRAP Reality was introduced to our community partners and foundations, they were so impressed with the capabilities of the system and our plans for its use that they provided us with the funding for a five-year subscription,” added Chief Lash.

Additionally, NYCRPD recently announced the completion of a successful pilot program of the BolaWrap and has decided to move forward with outfitting all its patrol officers with BolaWrap devices.

“Our goal is to provide a de-escalation platform for first responders through the combination of the BolaWrap remote restraint devices and WRAP Reality’s virtual training,” said Tom Smith, CEO and President of WRAP. “We are excited to support NYCRPD as the first agency to purchase WRAP Reality’s subscription offering along with the BolaWrap devices, which provide solutions for law enforcement to provide better training and tools to help create safer outcomes.”

About WRAP
WRAP Technologies (Nasdaq: WRAP) is a global leader in innovating public safety technologies and services that deliver advanced solutions focused on avoiding escalation. The BolaWrap® Remote Restraint device, WRAP’s first product, is a patented, hand-held device that discharges a Kevlar® tether to temporarily restrain from a safe distance. Through many field uses and growing adoption by agencies worldwide, BolaWrap is proving to be an effective tool to safely detain persons without injury. WRAP Reality, the Company’s virtual reality training system, is an immersive training simulator and comprehensive public safety training platform designed to empower first responders with the necessary knowledge to perform in the field. WRAP’s headquarters are located in Tempe, Arizona. For more information, please visit wrap.com.

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Trademark Information
BolaWrap, 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 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.

Contact:

Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wrap.com