ANN ARBOR, Mich., Feb. 29, 2016 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) (“Company”), the leading developer of spider silk based fibers, today announced the signing of a cooperative agreement with a governmental entity in Vietnam to develop and produce the Company’s advanced silk technologies. Under the terms of the agreement Kraig Labs has agreed to form a subsidiary company in Vietnam and to open an advanced hybrid silk research and pilot production operation.
Kraig Labs has created an efficient method of producing high strength silks using its innovative genetic engineering technologies. Demonstrating superior strength and elasticity, in some cases higher strength and elasticity than native spider silks, Kraig Labs’ Dragon SilkTM has the potential to reshape the textile industry. The research and production agreement announced today lays the groundwork for the production and further development of these advanced hybrid textiles.
“This agreement represents a major advancement for Kraig Labs and is the successful culmination of two years of negotiations and many more years of scientific research and development,” said CEO and Founder Kim Thompson. “It is a key milestone in the advancement of our longstanding business plan to bring these advanced materials to the multi-billion dollar marketplace for advanced technical textiles. It brings us a huge step closer to meeting the demand for our spider silk technologies. This agreement is important because of the tremendous existing silk and textile production infrastructure. At the same time bringing a new technology and capability to Vietnam. This agreement was the result of considerable effort by all parties involved and we are pleased to announce today the success of those efforts. I would like to personally thank our negotiation partners for their dedication in completing this first of its kind international agreement.”
The Company is currently in the process of obtaining the necessary approvals for the subsidiary and its operational plan. Over the next several months the Company plans to finalize the formation of the subsidiary, lease a research and production facility in Vietnam, hire and train local staff, obtain permits, and begin cross breeding its silkworms with local commercial silkworm lines.
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully 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.
Ben Hansel, Hansel Capital, LLC. (720) 288-8495 ir@KraigLabs.com
