ANN ARBOR, Mich., April 08, 2024 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("the Company" or "Kraig Labs"), announces today that it has signed a landmark agreement with the Vietnam Sericulture Association ("VSA"). As part of this agreement, the Company disclosed its production plans and schedule for the next twenty-four months to the VSA to obtain cooperation in reaching its production targets. This agreement establishes a collaborative working effort between the Company and the VSA, something the Company has been actively working towards for some time.
Under the terms of the agreement, in addition to support and advice on production logistics, the VSA has agreed to assist the Company in obtaining formal intellectual property registration of its BAM-1 hybrid silkworm strain in Vietnam.
This definitive agreement strengthens the collaboration between the Company and the VSA, building on and expanding the Memorandum of Understanding announced on January 30, 2024. This landmark agreement establishes the framework and much of the logistical support needed for the Company to achieve metric-ton levels of production.
"This agreement is the culmination of many years of work with various governmental and non-governmental agencies to demonstrate our technology and its potential," said Company founder and CEO, Kim K. Thompson. "This new relationship with the VSA underlines our commitment to South East Asia and, we believe, significantly strengthens our position as we scale up production. With this agreement finalized, we are now working jointly with a capable partner to see that vision fulfilled."
"We have been following developments at Kraig Labs for many years and are very happy now to be working directly with them," said Dr. Le Quang Tu, President of the Vietnamese Sericulture Association. "We believe that Kraig's technology will have a significant positive impact on our industry. They have applied a thoughtful, step-by-step approach. Now, we will take a step together."
The Company's CEO remains in Vietnam, overseeing operations directly. Kraig Labs anticipates that Thompson will provide additional announcements and updates regarding the Company's accelerating progress over the coming weeks.
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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.
Ben Hansel, Hansel Capital, LLC
(720) 288-8495
ir@KraigLabs.com
