Wrap announces the sale of Wrap Reality Societal Reentry

TEMPE, Ariz., July 21, 2022 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a leading global provider of innovative public safety technologies and services, today announced the sale of its Societal Reentry Virtual Reality Enterprise Platform to the Pennsylvania Department of Corrections.

A product line of the company’s virtual reality training system, Wrap Reality, the reentry and rehabilitation software is designed to prepare inmate-parents for various situations and questions their children may have. Wrap Reality’s Societal Reentry solution is an immersive 360-degree VR environment that features multiple real-world scenarios specifically designed for family and community reentry. The Pennsylvania Department of Corrections’ parenting staff can adjust the situations faced by parents in real time. Pennsylvania State University will evaluate how this form of training can improve traditional classroom training.

“We are excited to see that our virtual reality software can have a positive impact in helping incarcerated individuals prepare to be reunited with their children,” commented Wrap CEO TJ Kennedy. “Wrap continues to innovate for law enforcement agencies and offers more ways to help with societal issues.”

About wrap
Wrap Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. Wrap develops creative solutions to complex problems and empowers public safety officials to protect and serve their communities through its portfolio of advanced technologies and training solutions.

Wrap’s BolaWrap® Remote Restraint Device is a patented, handheld pre-escalation and arrest tool that deploys Kevlar® rope to remotely temporarily restrain uncooperative suspects and those in a crisis. Through its many field applications and increasing acceptance by government agencies around the world, BolaWrap is proving to be an effective tool to help law enforcement securely restrain individuals without the need to use injury or force majeure.

Wrap Reality, the company’s virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that provides first responders with the discipline and practice in methods of de-escalation, conflict resolution and use of force to perform better in the field .

Wrap’s headquarters are located in Tempe, Arizona. For more information, please visit wrap.com.

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Brand 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 their respective holders.

Cautionary Note Regarding 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 revenues and expenses. Words like “expect”, “anticipate”, “should”, “believe”, “aim”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “May,” “intend,” and variations of these terms, or the negative of such terms, and similar expressions are intended to identify these forward-looking statements. In addition, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the Company’s control. The Company’s actual results could differ materially from those expressed or implied by any 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 manufacture 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 operations; the complexity, cost and time associated with sales to law enforcement and government agencies; the lengthy evaluation and sales cycle for the Company’s product solution; product defect; litigation risks from alleged product-related infringements; government regulation risks; the business impact of health crises or disease outbreaks such as epidemics or pandemics; the impact of geopolitical conflicts and resulting sanctions; the ability to obtain export licenses to countries outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competing products and solutions; and the company’s ability to maintain and enhance its brand and other risk factors discussed 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 are based on current expectations, estimates, forecasts and projections, and management’s beliefs and assumptions. Except as required by law, the Company assumes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.

Contact:
Paul M Manley
Vice President – ​​Investor Relations
(612) 834-1804
pmanley@wrap.com

Media contact: media@wrap.com

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