Business
Wrap Technologies Reports Fourth Quarter and Full Year 2019 Results
2019 Operational Progress Drives Meaningful Revenue Increase and $1.7 Million BacklogTEMPE, AZ / ACCESSWIRE / March 10, 2020 / Wrap Technologies, Inc. (the
About this update from Wrap Technologies, Inc.
[{"type":"text","content":"2019 Operational Progress Drives Meaningful Revenue Increase and $1.7 Million BacklogTEMPE, AZ / ACCESSWIRE / March 10, 2020 / Wrap Technologies, Inc. (the \"Company\" or \"Wrap\") (NASDAQ:WRTC), an innovator of modern policing solutions, reported results for the fourth quarter and full year ended December 31, 2019.Fourth Quarter and Recent Operational Highlights:Began training and field testing BolaWrap with hundreds of officers in the Los Angeles Police Department (LAPD), the third largest police department in the U.S. with more than 9,000 sworn officersReceived international purchase orders for 200 BolaWraps and 2,000 cartridges and accessoriesReceived a $162,000 deposit for a signed purchase order set to be delivered in 2020, expanding the Company's international presenceAppointed former police commissioners, Richard Ross Jr. and Edmund Hartnett, to lead public safety relations effortsAs of December 31, 2019, backlog totaled approximately $1.7 million, which the Company expects to recognize as revenue in 20202019 Strategic and Operational Highlights:Demonstrated BolaWrap to more than 490 agencies to date across the country, resulting in over 1,900 inquiries from domestic and international prospectsDelivered product to more than 180 law enforcement agencies and 20 distributors for demonstrations, testing, and evaluationIn March 2019, appointed Tom Smith, former co-founder and president of TASER International (now Axon Enterprise, Inc.), as president to scale domestic and international distribution and salesIn July 2019, received first large international distributor order, valued at more than $1.0 millionLaunched channel distribution strategy in June 2019 to expand sales and, as of December 31, 2019, signed agreements with 11 domestic and 16 international law enforcement equipment distributors covering 45 states and 26 countriesIn June 2019, opened 11,000 sq. ft. manufacturing facility in Tempe, AZ to increase production capacityAdded over 50 BolaWrap Master Instructors; total number of officers certified as BolaWrap instructors qualified to train their departments increased to over 520Granted two additional U.S. patents with two foreign patents allowed, increasing the Company's competitive moatManagement Commentary\"2019 was a banner year for Wrap, as it marked our business's transition from its developmental stage to its gr...