<SEC-DOCUMENT>0001415889-18-001647.txt : 20181116
<SEC-HEADER>0001415889-18-001647.hdr.sgml : 20181116
<ACCEPTANCE-DATETIME>20181116060033
ACCESSION NUMBER:		0001415889-18-001647
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181114
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181116
DATE AS OF CHANGE:		20181116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WRAP TECHNOLOGIES, INC.
		CENTRAL INDEX KEY:			0001702924
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				980551945
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55838
		FILM NUMBER:		181188607

	BUSINESS ADDRESS:	
		STREET 1:		4620 ARVILLE STREET, STE E
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89103
		BUSINESS PHONE:		800-583-2652

	MAIL ADDRESS:	
		STREET 1:		4620 ARVILLE STREET, STE E
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-11162018_061102.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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<p style="line-height:1pt; margin-top:0.467px; margin-bottom:0px; font-size:4pt" align="center">&nbsp;</p>
<p style="margin:0px; font-size:13.5pt" align="center"><b>UNITED STATES</b></p>
<p style="margin:0px; font-size:13.5pt" align="center"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>
<p style="margin:0px; font-size:12pt" align="center"><b>Washington, DC 20549 </b></p>
<p style="line-height:4pt; margin-top:6px; margin-bottom:0px; padding-left:288px; padding-right:288px; padding-bottom:1.333px; font-size:6pt; border-bottom:1.333px solid #000000" align="center">&nbsp;</p>
<p style="margin-top:9px; margin-bottom:0px; font-size:18pt" align="center"><b>FORM 8-K </b></p>
<p style="line-height:4pt; margin-top:6px; margin-bottom:0px; padding-left:288px; padding-right:288px; padding-bottom:1.333px; font-size:6pt; border-bottom:1.333px solid #000000" align="center">&nbsp;</p>
<p style="margin-top:6px; margin-bottom:0px; font-size:12pt" align="center"><b>CURRENT REPORT </b></p>
<p style="margin-top:12px; margin-bottom:0px; font-size:12pt" align="center"><b>Pursuant to Section&nbsp;13 or 15(d) of the </b></p>
<p style="margin:0px; font-size:12pt" align="center"><b>Securities Exchange Act of 1934 </b></p>
<p style="margin-top:10px; margin-bottom:0px" align="center">Date of Report (Date of earliest event reported): <u>November 14, 2018</u> </p>
<p style="line-height:4pt; margin-top:12px; margin-bottom:0px; padding-left:288px; padding-right:288px; padding-bottom:1.333px; font-size:6pt; border-bottom:1.333px solid #000000" align="center">&nbsp;</p>
<p style="margin-top:11px; margin-bottom:0px; font-size:22pt" align="center"><b>WRAP TECHNOLOGIES, INC. </b></p>
<p style="margin:0px" align="center"><b>(Exact name of Registrant as specified in its Charter) </b></p>
<p style="line-height:4pt; margin-top:6px; margin-bottom:0px; padding-left:288px; padding-right:288px; padding-bottom:1.333px; font-size:6pt; border-bottom:1.333px solid #000000" align="center">&nbsp;</p>
<p style="margin:0px; font-size:9pt">&nbsp;</p>
<table style="margin-top:0px; font-size:10pt" cellpadding="0" cellspacing="0" align="center"><tr style="font-size:0"><td width="208.533"></td>
<td width="31.467"></td>
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<td width="144"></td>
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<p style="margin:0px" align="center"><u>Delaware</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="207.733" height="22.8" colspan="2">
<p style="margin:0px" align="center"><u>000-55838</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="207.733" height="22.8" colspan="2">
<p style="margin:0px" align="center"><u>98-0551945</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="95.933" height="22.8" colspan="2"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
</tr><tr><td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="208.533">
<p style="margin:0px" align="center">(State or other jurisdiction </p>
<p style="margin:0px" align="center">of incorporation)</p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="207.733" colspan="2">
<p style="margin:0px" align="center">(Commission File No.)</p>
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<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="207.733" colspan="2">
<p style="margin:0px" align="center">(IRS Employer</p>
<p style="margin-top:0px; margin-bottom:0.867px" align="center">Identification No.)</p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="95.933" colspan="2"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
</tr></table><p style="margin:0px">&nbsp;</p>
<table style="margin-top:0px; font-size:10pt" cellpadding="0" cellspacing="0" align="center"><tr style="font-size:0"><td width="630.8"></td>
<td width="1.333"></td>
</tr><tr><td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" width="630.8">
<p style="margin:0px"><br></p>
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<p style="margin:0px"><br></p>
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<p style="margin:0px" align="center"><u>4620 Arville Street, Suite. E, Las Vegas, Nevada 89103</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="1.333"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
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<p style="margin:0px" align="center">(Address of principal executive offices)</p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333" height="16.2"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
</tr><tr><td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="630.8">
<p style="margin:0px" align="center"><br></p>
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<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333"><p style="margin:0px">&nbsp;</p></td>
</tr><tr><td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="630.8">
<p style="margin:0px" align="center"><u>(800) 583-2652</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
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<p style="margin:0px" align="center">(Registrant<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Telephone Number)</p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333" height="14.4"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
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<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333"><p style="margin:0px">&nbsp;</p></td>
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<p style="margin:0px" align="center"><u>Not Applicable</u></p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
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<p style="margin:0px" align="center">(Former name or address, if changed since last report)</p>
</td>
<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="bottom" width="1.333" height="15.6"><p style="margin:0px; padding-left:4px; padding-right:4px">&nbsp;</p></td>
</tr></table><p style="line-height:4pt; margin-top:6px; margin-bottom:0px; padding-left:288px; padding-right:288px; padding-bottom:1.333px; font-size:6pt; border-bottom:1.333px solid #000000" align="center">&nbsp;</p>
<p style="margin-top:10px; margin-bottom:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </p>
<p style="margin-top:10px;margin-bottom:-1pt;font-size:1pt"></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:-0.067px; width:32.6px; font-family:Wingdings; float:left">&uml;</p>
<p style="margin:0px; padding-left:32.6px; text-indent:-2px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </p>
<p style="margin-top:10px;margin-bottom:-1pt;font-size:1pt"></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:-0.067px; width:32.6px; font-family:Wingdings; clear:left; float:left">&uml;</p>
<p style="margin:0px; padding-left:32.6px; text-indent:-2px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p>
<p style="margin-top:10px;margin-bottom:-1pt;font-size:1pt"></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:-0.067px; width:32.6px; font-family:Wingdings; clear:left; float:left">&uml;</p>
<p style="margin:0px; padding-left:32.6px; text-indent:-2px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </p>
<p style="margin-top:10px;margin-bottom:-1pt;font-size:1pt"></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:-0.067px; width:32.6px; font-family:Wingdings; clear:left; float:left">&uml;</p>
<p style="margin:0px; padding-left:32.6px; text-indent:-2px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin:0px" align="justify">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)&nbsp;<b style="font-family:MS Mincho,Times New Roman;font-weight:normal;"><font style="font-family:Arial Unicode MS,Times New Roman">&#9744;</font></b></p>
<p style="margin:0px" align="justify">&nbsp;</p>
<p style="margin:0px" align="justify">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act&nbsp;<b style="font-family:MS Mincho,Times New Roman;font-weight:normal;"><font style="font-family:Arial Unicode MS,Times New Roman">&#9744;</font></b></p>
<p style="line-height:1pt; margin-top:24px; margin-bottom:0px; border-top:1px solid #000000" align="center"><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br></p>
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<p style="margin-top:0px; margin-bottom:-2px; width:96px; float:left"><b>Item 5.02</b></p>
<p style="margin:0px; text-indent:-2px"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p>
<p style="margin:0px; clear:left">&nbsp;</p>
<p style="margin:0px; text-indent:48px" align="justify">On November 14, 2018,&nbsp;Wrap Technologies, Inc. (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Company</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) appointed Patrick Kinsella and Wayne R. Walker to the Company<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Board of Directors (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Board</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), to serve until the Company<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s next annual meeting of stockholders or until his successor is duly elected and qualified. In addition, Mr. Kinsella was appointed as Chairman of the Board<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Audit Committee, and Mr. Walker was appointed as Chairman of both the Board<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Compensation Committee and its Nominations and Governance Committee. In connection with their appointments, the Company granted to each of Messrs. Kinsella and Walker options (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Options</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) to purchase 35,000 shares of Company common stock, par value $0.0001 per share, at a price of $3.61 per share. The Options have a five year term, and vest as follows: (i) 50% on November 14, 2019, and (ii) the remaining 50% in four equal quarterly installments over the next year. </p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; text-indent:48px" align="justify">Mr. Kinsella, age 65, currently serves as an adjunct professor at the USC Marshall School of Business, a position that he has held since August 2011. In 2014, he was appointed as a director and the Chairman of the audit committee of PennyMac Financial Services, Inc. (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>PennyMac</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) (NYSE:PFSI). Prior to his retirement as a senior audit partner in May 2013, Mr.&nbsp;Kinsella spent over 37 years at KPMG LLP serving clients generally concentrated in the financial services sector, including banks, thrifts, mortgage companies, automotive finance companies, alternative investment companies and real estate companies. Mr.&nbsp;Kinsella received a B.S. in Accounting from California State University, Northridge, and is a licensed certified public accountant in the State of California.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; text-indent:48px" align="justify">Mr. Walker, age 59, founded Walker Nell Partners, Inc. (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font><i>Walker Nell</i><font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>), a financial advisory firm in 2013, where he continues to serve as the managing partner. Walker Nell provides&nbsp;corporate governance and restructuring advisory services, fiduciary services, litigation support, and other services to client corporations and law firms. In his role at Walker Nell, he has served on a number of private company boards. He has also been active on charitable boards, and currently serves as Chairman of the Board of Trustees of National Philanthropic Trust, a public charity that holds over $6.0 billion of assets under management. In addition, Mr. Walker has more than 25 years of experience in corporate law and corporate restructuring, including working 15 years at the DuPont Company in the Securities and Bankruptcy group, where he worked in the Corporate Secretary<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s office and served as Senior Counsel. He holds a B.A. from Loyola University New Orleans and a J.D. from&nbsp;the Catholic University of America.</p>
<p style="margin:0px" align="justify">&nbsp;</p>
<p style="margin:0px; text-indent:48px" align="justify">Except as disclosed herein, there are no related party transactions between the Company and Messrs. Kinsella and Walker that would require disclosure under Item 404(a) of Regulation S-K, nor are there any further arrangements or understandings in connection with the appointment of Messrs. Kinsella and Walker as members of the Company<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Board.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; text-indent:48px" align="justify">A copy of the press release announcing Messrs. Kinsella and Walker<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s appointments to the Board is attached to this Current Report on Form 8-K as Exhibit 99.1, and is incorporated by reference herein.</p>
<p style="margin:0px" align="justify">&nbsp;</p>
<p style="margin:0px" align="justify"><b>Item 8.01. Other Events.</b></p>
<p style="margin:0px" align="justify">&nbsp;</p>
<p style="margin:0px; text-indent:48px" align="justify">See Item 5.02.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><b>Item 9.01 Financial Statements and Exhibits</b></p>
<p style="margin:0px"><b>&nbsp;</b></p>
<p style="margin:0px; text-indent:48px">See Exhibit Index.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px" align="center"><br><br></p>
<p style="margin:0px"><br></p>
<hr style="margin-bottom: 9.6px; padding-top: 9.6px;" noshade size="1"><p style="margin:0px; page-break-before:always"><br></p>
<p style="margin:0px" align="center"><b>SIGNATURES</b></p>
<p style="margin-top:10px; margin-bottom:0px; text-indent:32.667px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p>
<p style="margin:0px">&nbsp;</p>
<p style="margin:0px"><br></p>
<table style="margin-top:0px; font-size:10pt" cellpadding="0" cellspacing="0" align="center"><tr style="font-size:0"><td width="281.333"></td>
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<p style="line-height:2pt; margin:0px">&nbsp;</p>
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<p style="line-height:2pt; margin:0px">&nbsp;</p>
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<td style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign="top" width="313.867" colspan="2">
<p style="margin:0px"><b>WRAP TECHNOLOGIES, INC.</b></p>
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<p style="margin:0px">Date: November 16, 2018</p>
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<p style="margin-top:5.533px; margin-bottom:5.533px">By:</p>
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<p style="margin:0px">&nbsp;/s/ James A. Barnes</p>
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<p style="margin:0px">James A. Barnes</p>
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<p style="margin:0px">Chief Financial Officer, Treasurer and Secretary</p>
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<p style="margin:0px" align="center"><b>Exhibit Index</b></p>
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<p style="margin:0px" align="justify"><i>Exhibit No.</i></p>
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<p style="margin:0px">&nbsp;</p>
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<p style="margin:0px" align="center"><i>Description</i></p>
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<p style="margin:0px" align="justify">99.1</p>
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<p style="margin:0px">&nbsp;</p>
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<p style="margin:0px" align="justify">Press Release, dated November 15, 2018</p>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-11162018_061103.htm
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<p style="line-height:10.35pt; margin:0px; font-family:Arial,Times New Roman; font-size:12pt"><b>FOR IMMEDIATE RELEASE</b><b style="font-family:Arial;font-weight:normal;"><b> </b></b></p>
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<p style="line-height:10.35pt; margin:0px; font-family:Arial; font-size:16pt" align="center"><b>Wrap Technologies Appoints Two Independent Members to Board of Directors</b></p>
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<p style="line-height:10.35pt; margin:0px; font-family:Arial; font-size:12pt" align="center">Patrick Kinsella and Wayne Walker bring financial and corporate governance expertise to help guide the Company in its next phase of growth</p>
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<p style="margin:0px; font-family:Arial"><i>LAS VEGAS, Nevada, November 15, 2018</i> <font style="font-family:Arial Unicode MS,Arial">&ndash;</font> Wrap Technologies, Inc. (the <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font><i>Company</i><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>) (OTCQB: WRTC), an innovator of modern policing solutions, has appointed Patrick Kinsella and Wayne R. Walker to its Board of Directors (the <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font><i>Board</i><font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>), effective November 14, 2018. Their appointments increase the total number of directors on the Board to five, including two executive directors and three independent directors. Mr. Kinsella chairs the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s newly appointed Audit Committee and Mr. Walker chairs both the Compensation Committee and the Nominations and Governance Committee of the Board. The Company is currently preparing for its next phase of development and sales growth, and management believes that the newly appointed board members will enhance the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s focus on financial and corporate governance.</p>
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<p style="margin:0px; font-family:Arial">In addition, James Barnes, the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s Chief Financial Officer, Secretary and Treasurer, resigned from his position as a director on the Board, effective November 14, 2018, &nbsp;in order to ensure that a majority of the directors on the Board qualify as <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>independent directors,<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font> pursuant to the standards established by the Securities and Exchange Commission and the Nasdaq Capital Market, with the goal of facilitating the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s previously announced application to list its common stock for trading on the Nasdaq Capital Market. </p>
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<p style="margin:0px; font-family:Arial">Mr. Kinsella, age 65, currently serves as an adjunct professor at the USC Marshall School of Business, a position that he has held since August 2011. In 2014, he was appointed as a director and the Chairman of the audit committee of PennyMac Financial Services, Inc. (<font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>PennyMac<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>) (NYSE:PFSI). &nbsp;Prior to his retirement as a senior audit partner in May 2013, Mr.&nbsp;Kinsella spent over 37 years at KPMG LLP serving clients generally concentrated in the financial services sector, including banks, thrifts, mortgage companies, automotive finance companies, alternative investment companies and real estate companies. Mr.&nbsp;Kinsella received a BS in Accounting from California State University, Northridge, and is a licensed certified public accountant in the State of California.</p>
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<p style="margin:0px; font-family:Arial">Mr. Walker, age 59, founded Walker Nell Partners, Inc. (<font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>Walker Nell<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>), a financial advisory firm in 2013, where he continues to serve as the managing partner. Walker Nell provides&nbsp;corporate governance and restructuring advisory services, fiduciary services, litigation support, and other services to client corporations and law firms. In his role at Walker Nell, he has served on a number of private company boards. He has also been active on charitable boards, and currently serves as Chairman of the Board of Trustees of National Philanthropic Trust, a public charity that holds over $6.0 billion of assets under management. </p>
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<p style="margin:0px; font-family:Arial">Mr. Walker has more than 25 years of experience in corporate law and corporate restructuring, including working 15 years at the DuPont Company in the Securities and Bankruptcy group, where he worked in the Corporate Secretary<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s office and served as Senior Counsel. He holds a B.A. from Loyola University New Orleans and a J.D. from&nbsp;the Catholic University of America.</p>
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<p style="margin:0px; font-family:Arial"><font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>Patrick is an experienced board member and audit committee chair with significant financial and regulatory expertise and experience. Wayne has substantial board and community involvement, and has a national reputation for speaking on corporate governance matters. We are honored to have their </p>
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<p style="margin:0px; font-family:Arial,Times New Roman">counsel as we seek to grow our business throughout the world,<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font> said David Norris, <b style="font-family:Arial;font-weight:normal;">the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s P</b><b style="font-family:Arial;font-weight:normal;">resident.</b></p>
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<p style="margin:0px; font-family:Arial; font-size:9pt"><b>About Wrap Technologies (OTCQB: WRTC)</b></p>
<p style="margin:0px; font-family:Arial; font-size:9pt">Wrap Technologies is an innovator of modern policing solutions. The Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s BolaWrap 100 product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar&reg; tether to entangle an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information on the Company please visit&nbsp;<u>www.wraptechnologies.com</u>. Examples of recent media coverage are available as links under the <font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>Media<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font> tab of the website.</p>
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<p style="margin:0px; font-family:Arial; font-size:9pt; color:#000103"><b>Trademark Information:</b> BolaWrap is a trademark of Wrap Technologies, Inc. All other trade names used herein are either trademarks or registered trademarks of the respective holders.</p>
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<p style="margin:0px; font-family:Arial; font-size:9pt"><b>Cautionary Note on Forward-Looking Statements <font style="font-family:Arial Unicode MS,Arial">&ndash;</font> Safe Harbor Statement</b></p>
<p style="margin:0px; font-family:Arial; font-size:9pt">This press release contains <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>forward-looking statements<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font> within the meaning of the <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>safe harbor<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font> provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s overall business, total addressable market and expectations regarding future sales and expenses. Words such as "expect," "anticipate," "should," "believe," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s control. The Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to:&nbsp;the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s ability to successful implement training programs for the use of its products; the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s ability to manufacture and produce product for its customers; the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s ability to develop sales for its new product solution; the acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the ability to obtain patents and defend IP against competitors; the impact of competitive products and solutions; and the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s ability to maintain and enhance its brand, as well as other risk factors included in the Company<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s most recent quarterly report on Form 10-Q and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management.&nbsp; Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.</p>
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<p style="margin:0px; font-family:Arial; font-size:9pt">WRAP TECHNOLOGIES<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font> CONTACT :</p>
<p style="margin:0px; font-family:Arial; font-size:9pt">Investor Relations</p>
<p style="margin:0px; font-family:Arial; font-size:9pt">800-583-2652, Ext #515</p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#0000FF"><u>IR@wraptechnologies.com</u></p>
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