Wrap Technologies (NASDAQ: WRTC), an innovator of modern policing solutions, on Thursday announced results for its third quarter ended September 30, 2020. Among the Q3 highlights, the company reported a 275% growth in net sells, a gross margin of 32% and cash, cash equivalents and short-term investments of $45.1 million. In addition, the company’s board of directors named Tom Smith as its interim CEO, effective October 27, 2020. Marc Thomas stepped down from the CEO role and has been appointed to the newly created position of chief government affairs officer. “We are very excited for Tom to assume the additional responsibilities of Interim CEO as we continue to execute on our mission,” said Scot Cohen, executive chairman of the board. “Our goal is to have remote restraint become standard for every police officer worldwide. With 27 years of industry experience, Tom energizes the entire organization and knows the industry extremely well. Marc’s background, skills and passion will help drive change within government entities in this new role during these unprecedented times. As a White House Fellow with an exemplary military background and legislative experience, Marc’s ability to work with government leaders will enhance our position with police and security forces adoption of our technology and training which de-escalates conflict.”
About Wrap Technologies Inc.
Wrap Technologies is an innovator of modern policing solutions. The company’s BolaWrap 100 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 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. BolaWrap 100 has already been used to safely apprehend suspects without injury by agencies in cities including Los Angeles, Sacramento, Fresno, Bell, Albuquerque, Minneapolis, West Palm Beach, Fort Worth, LaGrange, St. Cloud and Oak Ridge. For information about the company, please visit www.WrapTechnologies.com.
NOTE TO INVESTORS: The latest news and updates relating to WRTC are available in the company’s newsroom at http://ibn.fm/WRTC
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