ANN ARBOR, Mich., Sept. 08, 2017 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) (“Company”), the leading developer of spider silk based fibers, today announced that the Company will not renew the equity line with Calm Seas Capital, which expired in June of 2017.
The Company has maintained a financial relationship with Calm Seas Capital since before the creation of its first transgenic silkworm in 2010. After careful consideration of its plan for commercialization and expansion, and after reviewing potential alternatives for financing that expansion, the Company’s management has determined it has outgrown the financial relationship.
In addition to the recently extended U.S. Army contract, the Company implemented several strategic efficiency measures to reduce the Company’s fixed expenses.
“We value Calm Seas Capital’s contributions to many of our accomplishments, including the creation of new transgenics and recombinant fibers, however, given our projections for growth, this is the ideal time to transition for our business model’s next chapters,” said CEO and Founder, Kim Thompson. “As the Company has grown, and, in light of our plans for future expansion and the Army’s recent exercise of its contract option with us for spider silk, it is timely for the Company to explore other avenues that are better aligned with our long term goals. We’ve now grown to the point where we believe we have alternative financing options not previously available.”
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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.