Wrap Technologies, Inc. Positions for Scale with Manufacturing and Sales Expansion while Reducing Workforce by 30%

TEMPE, Ariz., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), the makers of BolaWrap and the innovative public safety solutions platform powered by artificial intelligence (“AI”), virtual reality and data, today announces an initiative to position the company for growth in 2024 and beyond.

The Company has reduced its labor force by 30%, representing $2.4M in annual savings, in the past 45 days through outsourcing and headcount reductions. To position for the future, the Company is expanding manufacturing capacity in its Tempe facility and building out a robust enterprise-level sales and marketing team. These measures should enable Wrap to meet the increasing global demand for its solutions while driving shareholder value.

Cost Reduction Initiatives:

Wrap is implementing various cost-saving measures to optimize the corporate structure while investing in near and long-term revenue opportunities. These measures include digitization initiatives, headcount reductions and strategic outsourcing. These steps have enabled Wrap to achieve material cost savings while redirecting investment to higher ROI initiatives.

“Reduction in headcount must always be balanced with a strategic outcome. I am confident that this decision will yield long-term results in efficiency, discipline and focus while driving shareholder value,” said Scot Cohen, Wrap CEO.

Expansion in Manufacturing:

Wrap intends to increase its production capacity through the expansion of its manufacturing operations in Tempe, Arizona to meet the growing global demand for the BolaWrap Remote Restraint device. The manufacturing facility will leverage state-of-the-art technology, that should result in improved throughput.

“Our Tempe facility is expected to evolve into a standalone, solely-purposed manufacturing division,” said Cohen. “This approach provides a singular outcome by harnessing advanced R&D and innovation under one roof. There will be no distractions in our Tempe facility, ensuring laser-focused solutions towards higher purpose policing efforts.”

Investing in Enterprise-Level Sales and Marketing Infrastructure:

Wrap is redirecting investment towards its sales and marketing infrastructure to capitalize on industry tailwinds. This investment should enable the expansion of Wrap’s corporate headquarters in Miami, Florida and the continued recruitment of top-tier enterprise-level talent on its executive and corporate teams.