Kraig Biocraft Laboratories Takes Next Steps in Prodigy Textiles’ Spider Silk Commercialization Program
ANN ARBOR, Mich.--(BUSINESS WIRE)--May 14, 2018--Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk-based fibers, provides an update on progress towards the commercialization of spider silk technology following last week’s announcement of the formation of its Vietnamese subsidiary, Prodigy Textiles Co,. Ltd (“Prodigy”). The Company views Prodigy as its main production arm for spider silk technologies.
The Company is gearing up production of its proprietary spider silk silkworm eggs in preparation for shipment to Prodigy. These Silkworms are slated to be the first transgenics produced at Prodigy.
Kraig Labs has identified a facility, in Quang Nam province, with the capacity to support operations and is working with local experts to update and buildout the facility to meet production specifications.
To bring Prodigy production operations online, Kraig Labs has accelerated Prodigy’s staffing and hiring plans. Key technical and administration positions within Prodigy have been identified and the Company is working with its consultants in Vietnam to fill these positions.
Company management is now preparing to travel to Vietnam to oversee Prodigy’s launch, where they will also be oversee hiring core staff, the transfer of the Company’s spider silk silkworm technology, and the beginning of operations.
“Momentum at Prodigy is growing and we’re focused on the exciting milestones ahead,” said Jon Rice, COO. “We are busy preparing silkworm eggs for shipment and putting the team in place at Prodigy to hit the ground running. We are now taking concrete steps to build on all the work we’ve done in Vietnam and to convert that into a thriving operation for spider silk production.”
To view the most recent edition of Kraig’s Spider Sense quarterly newsletter and/or to sign up for Company alerts, please go to www.KraigLabs.com/newsletter
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. ( www.KraigLabs.com ), a reporting biotechnology company is the leading developer of genetically engineered spider silk based fiber technologies.
The Company has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
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/20180514006403/en/
CONTACT: Hansel Capital, LLC for Kraig Biocraft Laboratories
Ben Hansel, 720-288-8495
KEYWORD: UNITED STATES VIET NAM ASIA PACIFIC NORTH AMERICA MICHIGAN
INDUSTRY KEYWORD: MANUFACTURING TEXTILES OTHER MANUFACTURING RETAIL FASHION RESEARCH OTHER SCIENCE OTHER RETAIL SCIENCE
SOURCE: Kraig Biocraft Laboratories, Inc.
Copyright Business Wire 2018.
PUB: 05/14/2018 05:00 PM/DISC: 05/14/2018 05:00 PM