- The 10 cities with the largest police departments in the United States have paid out $1.02 billion for settlements and court judgements in police misconduct cases, with most centered around the improper use of force
- Wrap Technologies is well-positioned to establish a commanding position in supplying non-lethal tools to law enforcement departments globally
- Over 140 police departments across the United States received BolaWrap products in 2019, along with police departments in 19 other countries
- The company has received over 1,700 requests for demos, training and quotes from U.S. police departments, as well as over 600 requests from international markets
- Wrap Technologies can currently manufacture up to 1,800 BolaWrap devices per month, with plans to expand production capacity to 3,600 per month
- BolaWrap leverages strong intellectual product, with five U.S. patents granted and a further eight U.S. patents pending; the company has also filed four trademarks and has patents pending in 34 additional countries
- The addressable market size for non-lethal weapons is forecast to grow in size to $11.85 billion by 2023 (versus $6.32 billion in 2016)
- The company successfully raised $12.4 million through a primary share equity placement in June 2020, with proceeds destined to scale engineering, fund product development and provide working capital
Wrap Technologies (NASDAQ: WRTC) is an innovator of modern policing solutions. The company’s BolaWrap(R) product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar(R) tether to restrain an individual at a range of 10-25 feet. Developed by award-winning inventor Elwood Norris, the company’s chief technology officer, the small-but-powerful BolaWrap assists law enforcement in safely and effectively controlling encounters, especially those involving an individual experiencing a mental crisis.
Non-Lethal Weapons Market Potential
The BolaWrap Remote Restraint device is an innovative police solution, designed to provide law enforcement with a unique mobile and humane restraint option that does not inflict pain and enables subjects to be detained from…
NOTE TO INVESTORS: The latest news and updates relating to WRTC are available in the company’s newsroom at http://nnw.fm/WRTC
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