Business
Wrap Technologies Reports Second Quarter Results
LAS VEGAS, Aug. 5, 2019 /PRNewswire/ -- Wrap Technologies, Inc. (the "Company" or "Wrap") (Nasdaq: WRTC), an innovator of modern policing solutions, today
About this update from Wrap Technologies, Inc.
[{"type":"text","content":"LAS VEGAS, Aug. 5, 2019 /PRNewswire/ -- Wrap Technologies, Inc. (the \"Company\" or \"Wrap\") (Nasdaq: WRTC), an innovator of modern policing solutions, today announced financial results for its second quarter ended June 30, 2019.\n2019 YTD Highlights\nIn March 2019 we welcomed less-lethal industry pioneer and 25-year veteran Thomas Smith as our President. He immediately focused on scaling domestic and international sales. Mr. Smith's efforts resulted in the July 2019 announcement of our first large international distributor order valued at over $1 million. By the end of Q2 our sales team inked distribution agreements with nine domestic distributors representing 38 states and seven international distributors representing 12 countries. We recently commenced first shipments to new international customers. In late May 2019 we released an updated version of our BolaWrap 100 remote restraint device featuring an integrated green line laser. We have demonstrated our BolaWrap 100 product to over 150 agencies across the country, often with media in attendance. During Q2 we rapidly expanded our training and support activities and have engaged eight contract regional Master Instructors. As of June 30, 2019, over 65 agencies had received BolaWrap 100 training with approximately 390 training officers at those agencies certified as BolaWrap 100 instructors qualified to train their departments. We were recently granted our fifth U.S. patent and have eight other U.S. patents pending on our remote restraint device and technology. We have foreign patents pending, targeting the European Union (17 countries) and 17 other countries. We are also being awarded U.S. and foreign tradenames to support our international branding strategy. In June 2019 we leased and occupied a 11,000 square foot facility in Tempe, Arizona that we expect to provide additional assembly, warehouse and training space for expected growth during the balance of 2019 and in 2020. Management Commentary\n\"We are excited to be showing the upgraded BolaWrap 100 product with its integrated green line laser to domestic and international customers,\" said David Norris, CEO of Wrap Technologies. \"The ability to more reliably target a subject has been met with very favorable response from agency heads and trainers.\n\"In the first six months we elected to accelerate international distrib...