PRINCETON, N.J., June 30, 2021 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (the “Company” or “WRAP”) (Nasdaq: WRAP), a global leader in innovative public safety technologies and services, announced that the Princeton Police Department in New Jersey has selected the Company’s WRAP Reality Virtual Training Platform to deliver the latest simulator training technology to Princeton’s police officers.
With the WRAP Reality platform, Princeton PD will have access to WRAP Reality’s robust, cutting-edge training scenarios and technological innovation. WRAP Reality’s platform fully immerses the trainee in realistic training scenarios. WRAP Reality’s focus on a broad range of skills, including de-escalation and community policing, were critical factors in the department’s decision.
“We are always striving to have the best training in place for our officers, and adding virtual reality is an important step toward that goal,” said Princeton Police Chief Christopher Morgan. “Virtual reality training allows us to immerse our officers into dangerous and critical decision-making situations while controlling the outcome. WRAP Reality affords us the opportunity to hone the de-escalation skills our officers need to successfully and safely defuse a range of critical incidents.”
“We are grateful for the opportunity to deliver WRAP Reality’s training solution to the officers of Princeton and look forward to making it a success,” said Tom Smith, President and CEO at WRAP. “Our best-in-class training system provides scalable and dynamic training opportunities for departments of all sizes, and we’re excited to provide the Princeton PD with our technology for this innovative step forward in officer training. Technologies like virtual training and simulation are on the rise, and we are encouraged to see law enforcement take hold of solutions like WRAP Reality to help them stay current and ahead of the training curve.”
According to Allied Market Research, the market opportunity for virtual training and simulation was $204.41 billion in 2019 and projected to reach $601.85 billion by 2027, growing at a CAGR of 13.7% from 2020 to 2027. Law enforcement and the military are important segments of this market, with increasing demand in awareness for better training tools and resources.
WRAP 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.
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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.
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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 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; 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.
Paul M. Manley
VP – Investor Relations