Benzinga | Jan 10, 2022 09:21AM EST

Wrap Technologies Receives First Order Through Arizona Municipal Risk Retention Pool Funding Program

Wrap Technologies, Inc. (NASDAQ:WRAP) (the "Company"), a global leader in innovative public safety technologies and services, today announced the first order for its BolaWrap 150(r) Remote Restraint devices through the Arizona Municipal Risk Retention Pool (AMRRP) funding program announced on December 16, 2021.



The order was placed following the announcement that the AMRRP Board of Trustees voted unanimously to approve funding to assist its member police agencies statewide in procuring BolaWrap devices for active-duty police officers. The AMRRP represents over 60 rural agencies with more than 1,800 police officers. AMRRP will fund 50% of the purchase price of the BolaWrap and the associated accessories, to help equip police officers that work for its member agencies.

The agency order is for full deployment to all active-duty officers including devices, cassettes, and holsters. The Company expects to ship the order in the first quarter of 2022.

"I'm excited to see the rapid response from these agencies to the AMRRP funding program," said Tom Smith, President and CEO of WRAP. "The need for early intervention tools and alternatives to higher levels of force is prevalent. We believe the agencies recognize the potential savings that the early use of the BolaWrap can have on reducing excessive force claims, as seen by the first order being for a full deployment."

The Company has received five additional requests for quotes from AMRRP member agencies.