An interesting penny stock to watch is a swing trade setup in Wrap Technologies.
The short-term swing trade target is $6.15.
The company has an innovative product that could ultimately be in high demand:
This safe and painless way to restrain someone could save a life.
The news that got the stock moving today was that the company has signed three new exclusive international distributor agreements covering 5 countries. Wrap’s international distribution network now includes 10 distributors covering 17 countries.
Countries represented by new international distributors include: Singapore, Saudi Arabia, Macau, Hong Kong, and Argentina. Previously announced distributors cover Australia, New Zealand, Malaysia, South Korea, Netherlands, Luxembourg, Belgium, Italy, Spain, and Canada.
Export licenses for 32 countries have been approved by the US Department of Commerce. The Company has trained six of the ten international distributors thus far with plans to train the rest of the distributors in the coming weeks. Training distributor personnel empowers them to demonstrate and sell the BolaWrap products to their customers.
In addition to the 10 exclusive international distributors, Wrap has received US Department of Commerce export licenses or is working with non-exclusive distributors and representatives arranging initial product introductions in an additional 25 countries. Some of these countries include Jordan, Qatar, Bahrain, Kuwait, United Arab Emirates, several Caribbean Island countries, France, Switzerland, United Kingdom, Cyprus, Italy, Mexico, Columbia, Indonesia, Thailand, Vietnam, Taiwan, Japan, Ecuador, Peru, Paraguay, and Brazil.
“We are moving at a great pace following our first $1+ million international order,” said Tom Smith, President of Wrap Technologies. “The international community continues to express a strong interest in the BolaWrap, and our growing distribution network enables us to meet the need for remote restraint.”
“We are on track to meet 2019 strategic objectives and are well funded to aggressively pursue both domestic and international sales opportunities,” added David Norris, CEO. “We are very pleased with the response from those agencies evaluating and those purchasing our improved BolaWrap 100 with its integrated green line laser.”
The stock is too risky to be included in the GST Portfolio but a short-term swing trade may be possible.
Disclosure: I do not hold any position in Wrap Technologies.