PRINCETON, New Jersey, June 30, 2021 (GLOBE NEWSWIRE) – Wrap Technologies, Inc. (the “company” or “WRAP”) (Nasdaq: WRAP), a world 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 offer the latest simulator training technology to officers of Princeton Police.
With the WRAP Reality platform, Princeton PD will have access to WRAP Reality’s technologically advanced and innovative training scenarios. The WRAP Reality platform completely immerses the participant in realistic training scenarios. WRAP Reality’s focus on a wide range of skills, including de-escalation and community policing, were critical factors in the department’s decision.
“We always strive to have the best training in place for our officers and adding virtual reality is an important step toward that goal,” said Christopher Morgan, Princeton police chief. “Virtual reality training allows us to immerse our agents in dangerous and critical WRAP Reality offers us the opportunity to hone the scaling skills our agents need to successfully and safely deactivate a number of critical incidents.”
“We are grateful for the opportunity to deliver the WRAP Reality training solution to Princeton officers and look forward to it being a success,” said Tom Smith, President and CEO of WRAP. “Our best-in-class training system offers dynamic and scalable training opportunities for departments of all sizes and we are pleased to provide Princeton PD with our technology for this innovative step forward in officer training. Technologies such as virtual training and simulation are on the rise, and we are encouraged by law enforcement to take solutions like WRAP Reality to help them stay up to date and move forward on the training curve. ”
According to Allied Market Research, the market opportunity for virtual training and simulation was $ 204.41 million in 2019 and was projected to reach $ 601.85 billion in 2027, growing to a CAGR of 13.7% of the 2020 to 2027. Law enforcement and the army are important segments of this market, with a growing demand for awareness for better training tools and resources.
WRAP Technologies (Nasdaq: WRAP) is a world leader in innovative public safety technologies and services. WRAP develops creative solutions to complex problems and enables public safety officials to protect and serve their communities through their portfolio of advanced training and technology solutions.
The WRAP BolaWRAP® Remote Retention Device is a patented pre-escalation and hand-holding tool that unloads a Kevlar® connection to temporarily restrain co-operation suspects and people in crisis remotely. Through its many field uses and growing adoption by agencies around the world, BolaWRAP is proving to be an effective tool to help law enforcement safely detain people without injuries or need. to use higher strength levels.
WRAP Reality, the company’s virtual reality training system, is a fully immersive training simulator and a comprehensive training platform in public safety that provides first-timers with discipline and practice in methods of de-escalation, conflict resolution and use force to get better performance in the field.
WRAP is headquartered in Tempe, Arizona. For more information, 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 trademarks or registered trademarks of their respective owners.
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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, which include, but are not limited to: statements on the company’s overall business ; total addressable market; and, expectations about future sales and expenses. Words like “expect”, “anticipate”, “should”, “believe”, “goal”, “project”, “goals”, “love”, “potential”, “predict”, “can”, “want” , “could”, “intends” and variations of these terms or the negative of these similar terms and expressions are intended to identify these forward-looking statements. In addition, forward-looking statements are subject to various risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. The actual results of the company could differ materially from those indicated 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 their products; the company’s ability to manufacture and produce products for its customers; the company’s ability to develop sales for its new product solution; acceptance of existing and future products; the availability of funding to continue funding operations; the complexity, costs, and time associated with sales to government authorities and entities; the long cycle of evaluation and sales of the company’s product solution; product defects; legal risks for alleged product-related injuries; risks of government regulations; the business impact of health crises or disease outbreaks, such as epidemics or pandemics; the possibility of obtaining export licenses for countries outside the US; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the company’s ability to maintain and improve its brand, as well as other risk factors mentioned in the company’s most recent annual report on the 10-K form, the quarterly report on the 10-Q form and other SEC applications. 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 management’s beliefs and assumptions. Except as required by law, the Company undertakes no obligation or obligation to update the forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Paul M. Manley
Vice President – Investor Relations
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