University of Notre Dame Increases Equity Position in Kraig Biocraft Laboratories
ANN ARBOR, Mich.--(BUSINESS WIRE)--Mar 13, 2019--Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that it has signed an agreement with the University of Notre Dame, which increases the University’s equity position in Kraig Labs. Under the agreement, the University has converted a portion of the moneys owed to it, by the Company, to common stock. The remaining balance of the moneys, owed to the University, has been converted into a note that is payable over the course of 2 years.
Kraig Labs has worked in collaboration with the University of Notre Dame, for 10 years, developing the Company’s recombinant spider silk technologies.
“The Notre Dame IDEA Center is excited by the commercial prospects in front of Kraig Biocraft and is pleased to be able to conclude this most recent agreement, which gives Kraig some additional runway to continue its development of commercial spider silk products,” said Notre Dame’s Richard Cox, Director, Licensing & Business Development
“We have been working with Notre Dame on this deal for quite some time. Today, we are pleased to report that, having now finalized this agreement, they have nearly tripled their equity position in the Company,” said COO Jon Rice. “The deal has strengthened the Company’s balance sheet and, in conjunction with the equity financing announced Monday, improves our financial position, as we move towards larger scale production.”
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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.
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CONTACT: Ben Hansel, Hansel Capital, LLC
KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN
INDUSTRY KEYWORD: OTHER CONSUMER EDUCATION UNIVERSITY OTHER EDUCATION TECHNOLOGY OTHER TECHNOLOGY MANUFACTURING TEXTILES OTHER MANUFACTURING NATURAL RESOURCES AGRICULTURE OTHER NATURAL RESOURCES DEFENSE RETAIL FASHION OTHER DEFENSE RESEARCH OTHER SCIENCE SPECIALTY OTHER RETAIL CONSUMER SCIENCE
SOURCE: Kraig Biocraft Laboratories, Inc.
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PUB: 03/13/2019 07:05 AM/DISC: 03/13/2019 07:05 AM