Wrap Technologies Positioned to Address $1 Billion Police Misconduct Issue with Non-Lethal BolaWrap Device

As U.S. cities have paid out $1.02 billion in settlements and court judgments for police misconduct cases, largely centered on improper use of force, Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in supplying non-lethal tools to law enforcement agencies. The company's BolaWrap device, a handheld remote restraint that fires an eight-foot Kevlar tether to restrain individuals from 10-25 feet, aims to reduce the need for physical force during encounters, particularly those involving mental health crises.

According to the company's recent press release, over 140 police departments across the United States received BolaWrap products in 2019, with adoption in 19 other countries. Wrap Technologies has received over 1,700 requests for demonstrations, training, and quotes from U.S. police departments, along with more than 600 requests from international markets. The company currently manufactures up to 1,800 devices per month and has plans to expand production capacity to 3,600 per month.

The non-lethal weapons market is forecast to grow from $6.32 billion in 2016 to $11.85 billion by 2023, presenting a significant addressable market for Wrap Technologies. The company's intellectual property portfolio includes five U.S. patents granted, eight U.S. patents pending, and patents pending in 34 additional countries, along with four trademarks filed.

In June 2020, Wrap Technologies raised $12.4 million through a primary share equity placement, with proceeds earmarked for scaling engineering, product development, and working capital. The company is well-positioned to establish a commanding position in supplying non-lethal tools to law enforcement departments globally.

The BolaWrap device was developed by award-winning inventor Elwood Norris, the company's chief technology officer. It is designed to provide law enforcement with a humane restraint option that does not inflict pain. As police departments seek alternatives to reduce use-of-force incidents, Wrap Technologies offers a solution that addresses both safety concerns and the financial burden of misconduct lawsuits.

For more information on Wrap Technologies, visit the company's newsroom at https://ibn.fm/WRAP.