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2018-07-24T09:54:39+00:00 Jul. 24, 2018 9:22AM EST|

Earnings season heats up in a big way this week, with Lockheed Martin (NYSE: LMT), 3M (NYSE: MMM), Verizon (NYSE: VZ), Biogen (NASDAQ: BIIB), Harley-Davidson (NYSE: HOG), and United Technologies (NYSE: UTX), among the companies reporting before today’s open.

In addition to today’s earnings calls, Kraig Biocraft Laboratories (OTCQB: KBLB) announced that, as the result of recent meetings with Senior Vietnamese and US Embassy officials, it plans to accelerate its Prodigy Textiles Spider Silk production ramp up.

The Company received its business license for Prodigy Textiles and its investment authorization for up to $2.2 million, to fund the first phase of its spider silk commercialization scale up efforts in Quang Nam, and, during the meeting with officials in Quang Nam, the Company requested an acceleration of the project schedule, including authorization and the investment license for the second phase of operations, with a total investment cap of up to $50 million.

“Our meetings in Vietnam were highly productive. Working with officials in Quang Nam, our team of consultants, and US government staff in Hanoi, we have established a clear plan and roadmap to accelerating our efforts to bring affordable spider silk to the global market,” stated Jon Rice, COO.  “The first phase of this effort is underway now and, based on our recent meeting, we hope to have authorization for the expanded phase two effort well ahead of our initial schedule.”

The Vietnamese government originally extended their invitation to Kraig Labs over 5 years ago and, while Kraig Labs was working through the bureaucratic process, several other efforts in this space were able to collectively raise about $300 million for their technologies.  However, in addition to not publishing their performance data, it’s estimated that their fibers cost $35K-50K/kilo (http://www.kraiglabs.com/comparison/), whereas Kraig Labs’ fibers production costs are competitive with traditional silk pricing, which is one of the reasons the Company patiently waited for the ERC.

 

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