Wrap Technologies names former FBI leader as new head of services

MIAMI - Wrap Technologies, Inc. (NASDAQ:WRAP), a $94.5 million market cap company specializing in non-lethal public safety solutions, has appointed Joseph R. Bonavolonta as the Domestic Head of Managed Services. According to InvestingPro data, the company is currently trading near its Fair Value, with shares showing strong momentum, up 39% over the past six months. Mr. Bonavolonta brings over 27 years of Federal Bureau of Investigation (FBI) experience to the role, having most recently served as the Special Agent in Charge of the FBI’s Boston Field Office.

In his new position, Bonavolonta is expected to leverage his extensive background in national security, compliance, and risk management to drive growth and deepen the company’s law enforcement network globally. His previous roles with the FBI include Deputy Assistant Director of the Counterintelligence Division and head of the Cyber and Counterintelligence Branch in the Boston Field Office, where he addressed cybersecurity threats and nation-state espionage.

Bill McMurry, CEO of Managed Services at WRAP, expressed confidence that Bonavolonta’s "unmatched expertise" would strengthen their Managed Services Branch and expand the company’s capabilities in both the public and private sectors. The company, which generated $4.23 million in revenue over the last twelve months with a gross margin of 41.7%, faces profitability challenges according to InvestingPro analysis.

Bonavolonta’s career achievements include leading major criminal investigations, such as international organized crime initiatives with the Italian National Police and the dismantling of criminal networks like the Bonanno La Cosa Nostra Family. These efforts have earned him numerous awards, including the Attorney General’s Director’s Award for Superior Performance.

His appointment is seen as a strategic move by Wrap Technologies to enhance its security, technology, and investigative expertise, following the company’s acquisition of W1 Global, LLC. Bonavolonta joins forces with James DeStefano, another retired FBI executive, to bolster the company’s ability to deliver comprehensive security solutions worldwide.

Wrap Technologies is known for its BolaWrap® device, a patented tool used by law enforcement to restrain individuals without causing pain, and its Wrap Reality™ VR training simulator, which provides realistic scenarios for first responder training. The company’s focus on innovative, non-lethal solutions and advanced training methods aims to improve public safety outcomes. InvestingPro subscribers can access additional insights, including 6 more ProTips and detailed financial health metrics that help evaluate the company’s growth potential.

This announcement is based on a press release statement from Wrap Technologies, Inc.

In other recent news, Wrap Technologies, Inc. has secured approximately $5.8 million through a private placement, involving the sale of over 3.2 million shares of common stock and accompanying warrants. The proceeds from this investment are intended for working capital and general corporate purposes, supporting the company’s go-to-market strategy for its BolaWrap and Managed Safety and Response ecosystem. Additionally, Wrap Technologies has completed the acquisition of W1 Global, LLC, a move expected to enhance its international reach and professional services offerings. This acquisition is anticipated to provide immediate revenue growth and synergies with existing business lines.

The company has also announced the promotion of Jared Novick to President and Chief Operating Officer, as part of a broader strategy to streamline operations and reduce costs for public safety agencies. In line with its growth plans, Wrap Technologies has expanded its Equity Compensation Plan by 7.5 million shares, bringing the total to 16.5 million shares, following stockholder approval. Furthermore, the company disclosed executive compensation arrangements, granting significant stock awards to key executives, including Scot Cohen and Jared Novick, as part of its 2017 Equity Compensation Plan.

These developments reflect Wrap Technologies’ ongoing efforts to enhance its service offerings and align executive compensation with shareholder interests. The company continues to focus on leveraging proven technologies in public safety, with a commitment to developing solutions that address the challenges facing public safety organizations.

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