ANN ARBOR, Mich., July 01, 2024 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("the Company" or "Kraig Labs"), announces today that it has achieved full capacity at its current production location. Hitting this milestone was part of Kraig Labs' expansion plans for the first half of 2024. The Company now reports that it is moving forward with its planned investment into additional production facilities.
Kraig Labs began planning for this factory expansion during the spring trials after witnessing the strong growth and robustness of its new spider silk hybrids.
This expansion is scheduled to take place in two waves. The first will address the near-term need for capacity during the upcoming rainy seasons, this will provide the needed secure space for production over the next several months. The second, larger project will address Kraig Labs' longer-term need for hatchery space, which is expected to address production needs for the next 12-18 months.
Permitting for both of these projects has been approved and the Company is now moving forward with investment into both of these expansion projects. Construction for both investments has begun, with the first project expected to be completed within just a few weeks and the larger effort is scheduled to be completed by early fall.
“We have set ambitious goals for spider silk production in 2024, and we are committed to achieving and exceeding those targets,” said Company Found and CEO, Kim Thompson. “These investments into production capacity bring us one step closer to realizing our vision for cost-effective commercial scale production of spider silk.”
The Company expects to begin the third wave of recombinant spider silk production this month, focusing on scaling up the output of the parental lines for its production hybrids.
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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
