TEMPE, Ariz., July 21, 2022 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global leader in innovative public safety technologies and services, today announced a sale of its Societal Reentry Virtual Reality Enterprise Platform to the Pennsylvania Department of Corrections.
The reentry and rehabilitation software is a product line of the Company’s Wrap Reality virtual reality training system and is designed to prepare incarcerated individuals, who are parents, for various situations and questions from their children. Wrap Reality’s Societal Reentry solution is an immersive, 360-degree VR environment offering multiple real-life scenarios created specifically for reentry to family and society. The Pennsylvania Department of Corrections parenting staff can customize the situations the parent is presented with in real time. Pennsylvania State University will evaluate how this form of training can improve upon traditional classroom training.
“We are pleased to see that our virtual reality software may have a positive impact on helping incarcerated individuals prepare to reunite with their children,” commented Wrap CEO, TJ Kennedy. “Wrap continues to innovate for Corrections agencies and offer more ways to help with societal issues.”
Cautionary Note on Forward-Looking Statements - Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: statements regarding the Company’s overall business; total addressable market; and, expectations regarding future sales and expenses. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company’s ability to successful implement training programs for the use of its products; the Company’s ability to manufacture and produce product for its customers; the Company’s ability to develop sales for its new product solution; the acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the US; the ability to obtain patents and defend IP against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Contact:
Paul M. Manley
VP – Investor Relations
(612) 834-1804
pmanley@wrap.com
Media Contact: media@wrap.com
