HO CHI MINH CITY, Vietnam, June 21, 2022 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("Company" or "Kraig Labs"), the biotechnology company focused on the development and commercialization of spider silk, announces the completion of its third-party pilot production. As a result of this highly successful program, Kraig Labs will launch the critical next phases of its business plan and expand its recombinant spider silk production in collaboration with third-party contractors.
Key Kraig Labs management team members traveled to Vietnam to review the results of a series of pilot production runs completed by one of the silk production subcontractors the Company has been working with in preparation for entering the next phase of its business plan. The subcontractor pilot program exceeded management's expectations to the point that Kraig Labs is now finalizing the terms of a 5-year production contract. This joint effort, by the subcontractor and Prodigy Textiles, the Company’s Vietnamese subsidiary, has already completed production of the raw recombinant spider silk needed for the first apparel launch under the Company’s jointly owned apparel brand, SpydasilkTM.
Kraig Labs is on track to complete negotiations on the structure of expanded production with this contractor before Jon Rice, the Company's Chief Operations Officer, returns to the US this week. Based on the results of these first pilot runs and the contractors' production capacity, the Company is now on a path to producing metric tons of spider silk.
During this trip, the Company's top scientist has also been evaluating and updating production and science processes at Prodigy Textiles. A focus of his work has been bringing state-of-the-art technology into our Vietnamese lab to reduce and eliminate mundane silkworm pathogens known to impact global silk production and inhibited the Company’s production growth. Our facility is now one of the most advanced sericulture labs in South East Asia and is already enhancing the quality of our operations.
The management team traveled over 2,700 miles since arriving in Vietnam. The Company met with three separate contract manufacturers, spanning from Da Nang to Ho Chi Minh City, who are vying to produce the Company's specialized silk.
"The production capabilities demonstrated by the contract producer in these first runs have given us the raw spider silk necessary to bring our first finished garments to market and the confidence to aggressively push forward for exponential increases in silk output. With these successes, we are entering the next phase of our business plan, which includes rapid production expansion with subcontractors in parallel with the growth of our nascent joint venture apparel brand. Together, our teams from Kraig, Prodigy Textiles, and SpydasilkTM are showing significant and tangible success on all fronts," stated Rice
Kraig Labs anticipates issuing a series of additional updates on production expansion, Prodigy Textile’s laboratory developments, SpydasilkTM, and other significant achievements shortly after the management team returns to the Company's headquarters this week.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.
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
