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.
Connect with 24/7 Market News on social media:
About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN provides comprehensive corporate communications resources and tools to engage the investment community.
24/7 Market News (24/7MN) is a third party publisher and news dissemination service provider that produces regular sponsored and non-sponsored reports, articles, stock market blogs, and newsletters covering equities listed on the NYSE, NASDAQ and micro-cap exchanges. 24/7MN holds no investment licenses and is NOT a financial advisory firm, investment adviser, analyst, or broker-dealer and does not undertake any activities that would require such registration. 24/7MN’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.
24/7MN has covered Kraig Biocraft Laboratories, Inc. in the past and owns shares that it may sell at any time. You may view this as a conflict of interest. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and based on publicly available information which is believed to be reliable. 24/7MN makes no representations as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. 24/7MN and/or its affiliates are not responsible for any gains or losses that result from the opinions expressed and are not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.
For further information on 24/7 Market News, please go to www.247marketnews.com
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan,” or “planned,” “will,” or “should,” “expected,” “anticipates,” “draft,” “eventually,” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and 24/7MN undertakes no obligation to update such statements
24/7 Market News