ANN ARBOR, Mich., April 13, 2020 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB), the leading developer of spider silk based fibers, announces that Kim Thompson, the Company’s CEO and Founder, and Kenneth Le, the President of Prodigy Textiles, will be making a personal donation, on behalf of all Kraig and Prodigy Employees, to the community of Quang Nam Province Vietnam. Quang Nam is where the Company maintains a production facility and where most of the employees of Prodigy, Kraig’s wholly owned subsidiary, reside. The financial gift is being made in light of the global financial and public health issues facing our world.
Through this donation, direct food aid will be provided to roughly 600 families in the farming cooperatives and villages in Quang Nam. Each family will receive 10kg of rice, noodles, cooking oil, fish sauce, and other items. Additional financial aid being provided will be coordinated by Mr. Le, in partnership with local officials, to ensure that other critical needs in the community are met.
In mid-March the Company took the voluntary step to furlough non-essential workers, as a precautionary step. To minimize the financial impact of this decision, on furloughed staff, Company management has committed to keep these workers on the payroll through at least the end of April. Today’s announcement is a further expansion of the Company’s commitment to our team members and their communities.
“I am thankful for the opportunity to personally support our valued team members,” said Thompson. “As we all work together to combat coronavirus, our team at Kraig Labs continues to make significant progress in critical aspects of our business model. Having laid a solid foundation, our teams in the US and Vietnam are preparing the Company to exit this stronger than ever. I believe that this will be a break out year for Kraig Labs, so the least our management team can do is share a little of that good fortune and spread it forward to the communities that are our home. I want to thank Mr. Ken Le for his generosity, his bold vision and his friendship. These monies will not come from the corporate treasury.”
“Later this week we will be revealing a major research and development milestone from within our own laboratories,” continued Thompson. “We view this breakthrough as the most significant and impactful development in our laboratories in more than seven years. Our scientists are working tirelessly in our pursuit of commercializing nature’s toughest fibers, spider silk. I encourage those who are interested to join us for this live event.”
On April 16 at 4:30pm ET, the Company will be revealing a significant scientific breakthrough in spider silk technology during an online press conference. All interested parties can view this live event by going to www.kblbinvestors.com
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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