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

TEMPLE, Ariz., Nov. 30, 2022 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in public security solutions and services, today announced that it has entered into a Business Intelligence and Information Technology Agreement with Lumeto, Inc. (“Lumeto”).

As part of the agreement, Lumeto will provide Wrap with certain technology, services, and perpetual licenses for use within the Wrap Reality virtual simulation platform. Through the Lumeto platform, Wrap can offer a new, cloud-based virtual reality (“VR”) solution to customers. The partnership also includes provisions for additional services, resources and capabilities that Wrap has expanded to support its growth in legal and regulatory VR learning modules.

Wrap plans to significantly accelerate development of its cloud-based VR training platform to complement its existing Wrap Reality system. This new cloud offering provides flexibility and rapid development of additional training features and an improved hardware package for customers in the law enforcement industry. The Company will continue to provide and develop its Wrap Reality training platform used by law enforcement and corrections agencies today.

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“We look forward to partnering with Lumeto to bring our world-class VR training capabilities onto a scalable, flexible, cloud-based platform,” said TJ Kennedy, CEO o Wrap Technology. “This new platform will offer our existing and new customers a turnkey Cloud VR training solution with the high-quality features that Wrap Reality is known for delivering. By partnering with Lumeto and using their current technology, Wrap was able to significantly accelerate our development, saving significant time and costs versus building a full cloud solution in-house. We hope this expanded platform, combined with our existing Wrap Reality solution, will provide law enforcement with more flexible, immersive training solutions, both on-premises and in the cloud, to improve the future of legal practice.

“We are excited that Wrap is using our technology to extend their Wrap Reality VR training platform,” said Lumeto CEO. Raja Khanna. “Lumeto has developed a leading VR platform for healthcare and some legal, and we believe that Wrap is the right partner to further develop and design the legal training platform. Lumeto will help build Wrap’s training features and capabilities in the new and expanded Wrap Reality cloud platform as we continue to expand our healthcare business.

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About Wrap Reality
Wrap Technology, through his company Wrap Reality, is an industry leader in reality law enforcement training. Wrap Reality provides realistic, easy-to-use, cost-effective training software for law enforcement.

No Wrap
Wrap Technology (Nasdaq: WRAP) is a global leader in public safety technologies and services. Wrap creates innovative solutions to complex problems and empowers public safety officials to protect and serve their communities through its portfolio of advanced technology and training solutions.

Wrap’s BolaWrap® The remote stop is a patented, handheld front-climbing and shock-absorbing Kevlar release device.® arrest the unsuspecting and vulnerable from afar. Through widespread use and growing use by businesses around the world, BolaWrap is proving to be a useful tool to help law enforcement keep people safe without injury or the need to use high levels of force.

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Wrap Reality, the Company’s virtual reality training system, is a full-scale training simulator and public safety training platform that provides first responders with discipline and training in methods of de-escalation, decision making fighting, and using force to do good. the school.

Wrap’s headquarters are located here Tempe, Arizona. For more information, visit wrap.com.

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BolaWrap, Wrap and Wrap Reality are brands of Wrap Technologies, Inc. All other trade names used herein are trademarks or registered trademarks of their respective owners.

Financial Contact:Matt Glover a Tom ColtonGateway Group, Inc.
949-574-3860
[email protected]

Media Contact:Robert Collins a Zachary KadletzGateway Group, Inc.
949-574-3860
[email protected]

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Source: Wrap Technologies, Inc.

2022 GlobeNewswire, Inc., source Press Release

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