tickers: WRAP

source: Benzinga

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Wrap Technologies Appoints Jared Novick as President and Chief Operating Officer

NORTON, Va., March 12, 2025 — Wrap Technologies, Inc. (WRAP) has announced the promotion of Jared Novick to President and Chief Operating Officer. This leadership change comes as the company plans to introduce a new wave of efficiency-driven public safety offerings tailored to support law enforcement and federal agencies.

Strategic Expansion and Government Contracts

Novick’s promotion aligns with Wrap’s recent relocation of its manufacturing headquarters to Virginia. The move, recognized by Virginia Governor Glenn Youngkin in November 2024, positions the company to strengthen its pursuit of U.S. Federal government contracts and expansion initiatives. Additionally, Wrap is preparing to establish offices near Washington, D.C. Wrap’s future plans under Novick’s leadership include providing federal, state, and local governments with tools to manage critical situations more efficiently. The goal is to address potential inefficiencies and reduce costs through technology consolidation. According to Novick, the public safety sector offers significant opportunities for streamlining operations and saving money by leveraging proven technologies.

Commitment and Expertise

Scot Cohen, Wrap’s Chief Executive Officer, expressed his confidence in Novick’s leadership, stating, “Jared’s integrity, judgment, and leadership make him a driving force in this business. I’m grateful and humbled by his contributions.” Novick has also demonstrated his commitment to Wrap’s future through a substantial investment. Through an investment partnership, he purchased 275,000 shares of common stock and accompanying warrants for an additional 275,000 shares, reinforcing his alignment with the company’s long-term vision.

Vision for Federal Agencies and Expansion

Wrap aims to support the U.S. government’s push for cost efficiencies by consolidating technology solutions in public safety. By leveraging public-private partnership frameworks, Wrap plans to implement efficient training solutions and deploy advanced technologies for federal, state, and local agencies. The company has already begun this effort, following its recent acquisition of W1 Global, LLC, which brings extensive expertise in identifying and addressing operational inefficiencies. With a growing focus on Washington, D.C., Wrap aims to integrate its late-stage international pipeline with newly acquired talent, leveraging extensive Beltway networks and an international in-country support network of former government personnel. This strategic alignment creates valuable entry points for global distribution and ensures coordination with evolving U.S. resources and policies.

Wrap’s Solutions and Product Portfolio

Wrap’s product offerings include:

• BolaWrap®: a non-lethal compliance tool designed to safely restrain individuals without causing harm. The BolaWrap 150 helps officers manage non-compliant situations while operating lower on the force continuum, reducing the risk of injury.
• Wrap Reality™ VR: an advanced, fully immersive training simulator that provides realistic, interactive scenarios to enhance decision-making under pressure.
• Intrensic: a comprehensive body-worn camera and evidence management system designed to streamline operations, reduce administrative burden, and enhance courtroom credibility. Wrap Technologies, Inc. continues to push the frontiers of public safety solutions, providing cutting-edge technology and expert training to address the modern-day challenges faced by public safety organizations.