Wrap Technologies (NASDAQ: WRAP) and XINSURANCE have announced a strategic partnership to develop and market the WRAP Safe Response Program, a certified operating standard for organizations employing security personnel. This initiative targets a U.S. workforce of approximately 1.28 million security guards across corporations, healthcare systems, schools, retailers, hospitality, transportation, and critical infrastructure. The program aims to establish a documented standard for training, equipment, and response before encounters escalate.
The partnership follows a significant regulatory development: on June 15, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) ruled that the BolaWrap 150 is neither a firearm under the Gun Control Act nor a weapon under the National Firearms Act. This removes a federal barrier to its use as an early intervention tool for unarmed security personnel. The BolaWrap 150, which deploys a restraint cord to temporarily detain individuals, is already used by over 1,000 agencies in the U.S. and 60 countries.
Under the partnership, WRAP will own, certify, and audit the Safe Response standard, while organizations can adopt it for their own security operations and require contracted security providers to certify personnel under the program. XINSURANCE will handle insurance activities, including product design, underwriting, pricing, placement, policy servicing, and claims. This model expands WRAP's addressable market beyond law enforcement by enabling enterprises carrying security-related risk to establish the standard across their properties and contracted security operations.
The program addresses a critical need for standardized, non-lethal response options in the private security sector. With the ATF ruling, security personnel can now use BolaWrap as a less-lethal tool, potentially reducing injuries and liability. WRAP's technology, including the BolaWrap 150, is designed to create time and distance during incidents, using a multi-sensory distraction followed by non-lethal restraint if needed, without causing pain or injury.
WRAP's portfolio also includes Wrap Reality, an immersive training simulator, and WrapVision, a body-worn camera system. These tools complement the Safe Response Program by providing comprehensive training and evidence management. The company's commitment to safety is reinforced by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST).
The partnership with XINSURANCE is crucial for risk management. By integrating insurance into the program, WRAP aims to provide a turnkey solution that addresses both operational standards and liability coverage. This is particularly important for private security firms and enterprises that may face lawsuits related to use-of-force incidents.
For more details, the full press release is available at https://ibn.fm/lvlln. Information about WRAP's latest news can be found at https://ibn.fm/WRAP.
