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

TEMPE, Ariz., Nov. 30, 2022 (GLOBE NEWSWIRE) — Company Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or the “Company”), a global leader in innovative public safety technologies and services, today announced that it has entered into an agreement for the acquisition of professional services and technology. Lumeto, Inc. (“Lumeto”).

As part of the agreement, Lumeto will provide wrap certain technologies, services, and perpetual licenses for use within the Company’s Wrap Reality simulation training platform. With the Lumeto platform, Wrap will also be able to offer an advanced, cloud-based (“VR”) solution to potential customers. The partnership also includes the provision of additional services, resources and enhanced capabilities for Wrap to support its growing law enforcement and VR training modules.

Wrap expects to significantly accelerate the development of its cloud-based VR training platform to complement its existing, robust Wrap Reality solution. This new cloud-based offering will provide greater flexibility and rapid development of additional training scenarios and an enhanced, cost-effective asset package for law enforcement agency clients. The company will continue to provide and develop its existing training platform used by law enforcement and corrections departments today.

“We look forward to partnering with Lumeto to bring our world-class VR training capabilities to an advanced, flexible, cloud-based environment,” said TJ Kennedy, CEO of Wrapping Technologies. “This new platform will provide our existing and new customers with a new Cloud VR training solution with the high-quality scenarios that Wrap Reality is known for delivering. By partnering with Lumeto and leveraging their existing technology, Wrap can significantly accelerate our development, saving significant time and cost if versus building an entire cloud solution in-house. We believe this advanced platform, coupled with our existing Wrap Reality solution, will provide law enforcement with flexible, integrated training solutions, both on-premises and in the cloud, further improving the way law enforcement training is conducted in the future.”

“We’re excited that Wrap is using our technology to accelerate their Wrap Reality VR training platform,” said Lumeto’s CEO. Raja Khanna. “Lumeto has created the leading VR platform for healthcare and law enforcement, and we believe Wrap is the right partner to continue developing and deploying the law enforcement training platform. Lumeto will help build Wrap training environments and capabilities in the new and improved Wrap Reality cloud environment while we continue to focus on our healthcare business.”

About Wrapping Facts
Wrapping Technologies, through its subsidiary company Wrap Reality, is an industry leader in virtual law enforcement training. Wrap Reality provides realistic, easy-to-use, cost-effective law enforcement training software.

About wrapping
Wrapping Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. Wrap develops creative solutions to complex issues and empowers public safety officials to protect and serve their communities through its portfolio of advanced technology and training solutions.

Apply BolaWrap^® The Remote Restraint Device is a patented, hand-held pre-climbing and Kevlar release fear device^® working together to temporarily ban uncooperative suspects and people in trouble at a distance. With its multi-field use and growing adoption by agencies around the world, BolaWrap is proving to be an effective tool to help law enforcement safely arrest people without injury or the need to use excessive force.

Wrap Reality, the Company’s virtual reality training system, is a fully immersive training simulator and a complete public safety training platform that provides first responders with instruction and practice in de-escalation, conflict resolution, and use of force techniques to better serve the field.

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

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

Investor Contact:Matt Glover again Tom ColtonCompany Gateway Group, Inc.
949-574-3860
[email protected]

Media Relations Contact:Robert Collins again Zachary KadletzCompany Gateway Group, Inc.
949-574-3860
[email protected]

Source: Company Wrap Technologies, Inc.

2022 GlobeNewswire, Inc., source Press release