Wrap Technologies (NASDAQ: WRTC), an innovator of modern policing solutions, on Thursday announced its appointment of Marc Thomas as its chief executive officer, as well as the company’s results for the second quarter ended June 30, 2020. Thomas will succeed David Norris, who has served as the CEO of Wrap Technologies since December 2018 will retain his position as a director following the transition. “During the second quarter of 2020, our team adapted to an unconventional operating environment, successfully increasing awareness of the BolaWrap, driving sales, and positioning Wrap for accelerated growth,” David Norris, director of Wrap Technologies and former chief executive officer, stated in the news release. “Financially, the quarter was highlighted by a substantial increase in our cash position to $35.4 million as we successfully closed a $12.4 million financing arrangement with a group of our existing investors and received an additional $9.2 million during Q2 from the exercise of warrants. Thanks to our team’s flexibility, we also achieved record revenues of $833,000, and we exited the quarter with a $1.5 million backlog, which indicates that our sales channel remained robust despite the complications caused by the coronavirus pandemic. Subsequent to the quarter’s end, we also strengthened our leadership team with the appointment of Marc Thomas as our CEO, whose expertise will be integral to the next phase of Wrap’s evolution.”
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. For information on the company, please visit www.WrapTechnologies.com. Examples of recent media coverage are available as links under the “Media” tab of the website.
NOTE TO INVESTORS: The latest news and updates relating to WRTC are available in the company’s newsroom at http://ibn.fm/WRTC
QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.