Wrap Announces Technology Acquisition and Partnership with Lumeto, Inc. to Expand its Wrap Reality Training Platform - GlobeNewswire

TEMPE, Ariz., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” oregon the “Company”), a planetary person successful innovative nationalist information technologies and services, contiguous announced that it has entered into a Professional Services and Technology Acquisition Agreement with Lumeto, Inc. (“Lumeto”).

As portion of the agreement, Lumeto volition supply Wrap definite technology, services, and perpetual licenses for usage wrong the Company’s Wrap Reality virtual simulation grooming platform. Through the Lumeto platform, Wrap volition besides beryllium capable to connection an upgraded, cloud-based virtual world (“VR”) solution to imaginable customers. The concern besides includes provisions for further services, resources and enhanced capabilities to Wrap successful enactment of its increasing instrumentality enforcement and corrections VR grooming modules.

Wrap expects to importantly accelerate the improvement of its cloud-based VR grooming level to complement its existing, robust Wrap Reality solution. This caller cloud-based offering volition supply greater flexibility and faster improvement of further grooming scenarios arsenic good arsenic an improved, cost-effective instrumentality bundle for prospective instrumentality enforcement bureau customers. The Company volition proceed to connection and make its existing on-premise Wrap Reality grooming level that is utilized by instrumentality enforcement and corrections departments today.

“We look guardant to joining forces with Lumeto to bring our world-class VR grooming capabilities onto an enhanced, flexible, cloud-based platform,” said TJ Kennedy, CEO of Wrap Technologies. “This caller level volition connection our existing and caller customers a caller turnkey Cloud VR grooming solution with the captious high-end benignant scenarios that Wrap Reality has go known for delivering. By partnering with Lumeto and leveraging their existing technology, Wrap tin greatly accelerate our development, redeeming important clip and costs versus gathering an full unreality solution internally. We judge this enhanced platform, coupled with our existing Wrap Reality solution, volition connection instrumentality enforcement much flexible, immersive grooming solutions, some on-premise and successful the cloud, further improving the mode instrumentality enforcement grooming is done into the future.”

“We are pleased that Wrap is leveraging our exertion to accelerate their Wrap Reality VR grooming platform,” said Lumeto CEO Raja Khanna. “Lumeto has developed a starring VR level for healthcare and immoderate instrumentality enforcement, and we judge Wrap is the close spouse to further make and deploy the instrumentality enforcement grooming platform. Lumeto volition assistance physique Wrap’s grooming scenarios and capabilities into the caller and enhanced Wrap Reality unreality level portion we proceed to absorption connected our healthcare business.”

About Wrap Reality
Wrap Technologies, done its subsidiary Wrap Reality, is an manufacture person successful virtual world instrumentality enforcement training. Wrap Reality provides realistic, easy-to-use, cost-effective grooming bundle for instrumentality enforcement.

About Wrap
Wrap Technologies (Nasdaq: WRAP) is simply a planetary person successful innovative nationalist information technologies and services. Wrap develops originative solutions to analyzable issues and empowers nationalist information officials to support and service their communities done its portfolio of precocious exertion and grooming solutions.

Wrap’s BolaWrap^® Remote Restraint instrumentality is simply a patented, hand-held pre-escalation and apprehension instrumentality that discharges a Kevlar^® tether to temporarily restrain uncooperative suspects and persons successful situation from a distance. Through its galore tract uses and increasing adoption by agencies crossed the globe, BolaWrap is proving to beryllium an effectual instrumentality to assistance instrumentality enforcement safely detain persons without wounded oregon the request to usage higher levels of force.

Wrap Reality, the Company’s virtual world grooming system, is simply a afloat immersive grooming simulator and broad nationalist information grooming level providing archetypal responders with the subject and signifier successful methods of de-escalation, struggle resolution, and use-of-force to amended execute successful the field.

Wrap’s office are successful Tempe, Arizona. For much information, delight sojourn wrap.com.

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Trademark Information
BolaWrap, Wrap and Wrap Reality are trademarks of Wrap Technologies, Inc. All different commercialized names utilized herein are either trademarks oregon registered trademarks of the respective holders.

Investor Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
949-574-3860
WRAP@gatewayir.com

Media Relations Contact:
Robert Collins and Zachary Kadletz
Gateway Group, Inc.
949-574-3860
WRAP@gatewayir.com