Kraig Biocraft Laboratories (OTCQB: KBLB) – Company Profile
Kraig Biocraft Laboratories Company Profile
Kraig Biocraft Laboratories, Inc. (Trading Symbol: KBLB) is a fully reporting biotechnology company focused on the development and commercialization of spider silks. As a reporting company, our annual and quarterly reports to the SEC can be found on EDGAR and on this website. Our investments in genetic research are targeted for product development and innovative near-term solutions to meet the practical problems of our world.
Kraig Biocraft Laboratories awarded expanded investment license in Vietnam
Kraig Biocraft Laboratories, Inc. (otcqb:KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that the Company has been awarded an increased investment license for expansion of its recombinant spider silk production at Prodigy Textiles, its Vietnamese subsidiary.
Under the new license, the Vietnamese government increased the Company’s potential investment cap, to as high as $50 million USD. This significantly increased investment limit will now allow the Company to prepare for the second phase expansion, planned for a 123 acre site located near Prodigy Textiles’ existing facility, and is part of the Company’s systematic and structured plan to expand capacity.
This new license was awarded during a recent trip to Vietnam, taken by the Company’s COO, Jon Rice, to oversee phase one production implementation. After reviewing the progress made under this first phase and meeting with Prodigy Textiles’ president, Vietnamese officials authorized the expansion of the Company investment in scaling up recombinant spider silk production.
“The granting of this expanded license is a demonstration of confidence in Kraig Labs and the potential our eco-friendly spider silk technology has to dramatically alter the global markets for silk and performance textiles,” said Rice.
To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to www.KraigLabs.com/news
Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190711005227/en/
SOURCE: Kraig Biocraft Laboratories, Inc.
Ben Hansel, Hansel Capital, LLC
Copyright Business Wire 2019
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