Business
Wrap Technologies Announces First Foreign Patent Allowances
BolaWrap and Wrap Tradenames Registered in Multiple CountriesTEMPE, AZ / ACCESSWIRE / February 5, 2020 / Wrap Technologies, Inc. (the "Company" or "Wrap")
About this update from Wrap Technologies, Inc.
[{"type":"text","content":"BolaWrap and Wrap Tradenames Registered in Multiple CountriesTEMPE, AZ / ACCESSWIRE / February 5, 2020 / Wrap Technologies, Inc. (the \"Company\" or \"Wrap\") (NASDAQ:WRTC), an innovator of modern policing solutions, announced receipt of the first two foreign country patent allowances on its innovative non-lethal restraint device and technology. The Company has to date filed for patent protection in 27 countries plus the European Community covering up to 38 additional countries.The Company's Chief Technology Officer and award-winning inventor, Elwood (Woody) Norris stated, \"Each jurisdiction performs its own examination and review. These first two foreign allowances are further confirmation of the merits and uniqueness of our novel technology. We anticipate additional country allowances in 2020.\"We expect that current and future customers, consisting mostly of government agencies, will honor our leading patent position and recognize the benefits and importance of our robust training and support infrastructure.\"The Company owns six U.S. patents with multiple U.S. and foreign patents pending on various aspects of its restraint technology and plans to file additional patents in 2020. Other technology innovations are also under development. The Company's strategy is to aggressively secure its product innovations in both domestic and international markets.Recognition and awareness of the Company's BolaWrap and Wrap brands is growing rapidly due in part from the impact of over 80 million social media impressions worldwide and over 1000 local and national television airings. The Company's trademarks are already registered in a half dozen countries and are pending and expected to be granted protection in many others in 2020.Woody Norris has been granted over 80 U.S. patents covering a range of pioneering innovations including non-lethal hailing devices, defense technologies, medical technology, data storage and audio electronics. His pioneering patents have served as part of the foundation of billion-dollar product markets. Companies founded by Mr. Norris have also successfully defended core technology patents through enforcement and licensing generating over $300 million in gross license fees from major international technology companies.Mr. Norris is a past recipient of the prestigious Lemelson-MIT $500,000 national inventor prize....