Growth Triggers New Manufacturing, Training, Sales and Product Development Facility
TEMPE, Arizona , Oct. 3, 2019 /PRNewswire/ -- Wrap Technologies, Inc. (the "Company" or "Wrap") (Nasdaq: WRTC), an innovator of modern policing solutions, announced that it has commenced manufacturing BolaWrap products at its new 11,000+ square foot facility in Tempe, Arizona. Following recent funding rounds, Wrap leased the facility in June to support the rapid growth of its BolaWrap business. In addition to manufacturing and warehouse space, the facility also contains a state-of-the-art training and demonstration chamber to accommodate training and demonstration of BolaWrap products to support growing sales to agencies and distributors. A testing range supports product development activities being centralized in Tempe.
"Our people have powered our growth and I am excited to see this facility come to fruition designed to empower them to do their best work," said David Norris, CEO of Wrap Technologies. "We obtained our ATF facility license in August and began to manufacture BolaWrap devices and cartridges at the facility in September. Just this last week we trained six new Master Instructors at our facility and we now have 23 certified Master Instructors to run Train the Trainer courses and thereby support agencies and distributors throughout the United States. We expect significant growth synergies by centralizing our manufacturing, training, sales and development activities."
The move of production to the new facility significantly increases Wrap's production capacity and strategically positions the Company to better serve its customers. The move coincides with the addition of increased quality engineering and implementation of modern robust inventory and materials management systems to facilitate planned growth.
While the Company's award winning inventor Elwood G. Norris will focus on researching new law enforcement product innovations, the core of new product development will be located in Tempe. "One of the primary reasons we located this new facility in the Phoenix area was the ability to tap into a diverse pool of product development talent," added Norris. "We are working on new generations of remote restraint tools and other technologies to maintain our leadership position."
The new facility integrates final assembly and domestic and international shipping at the same location as sales leadership under the direction of Tom Smith, President of Wrap. "We can now elevate our game by streamlining our distribution and product fulfillment activities to law enforcement agencies, our 11 US distributors, and our rapidly growing international network," said Smith. "We have shipped product to 13 countries in the last few months and we are committed to supporting the challenges faced by the law enforcement community worldwide."
Since core activities are now focused in Tempe the Company has designated the location as its corporate headquarters. The Company will maintain its ATF licensed facility in Las Vegas as a backup and overflow location and to facilitate product demonstrations to frequent domestic and international visitors.
About Wrap Technologies (Nasdaq: WRTC)
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.
Trademark Information: BolaWrap is a trademark 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," 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.
WRAP TECHNOLOGIES' CONTACT:
Investor Relations
+1-800-583-2652, Ext #515
IR@wraptechnologies.com
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SOURCE Wrap Technologies, Inc.
