LANSING, MI — (Marketwire) — 06/30/11 — Kraig Biocraft Laboratories, Inc. (KBLB) announced that the Company has entered into a new financing agreement with Calm Seas Capital.
The new credit facility supplements the existing agreement with Calm Seas Capital and provides for up to $1.5 million over a 24 month period.
“Calm Seas has been a solid funding source and their new expanded capital commitment strengthens Kraig’s position, as we move forward,” stated Kim Thompson, the Company’s CEO and founder. “The new credit facility signifies an important step in executing our commercialization plan and the proceeds will enhance our capacity to pursue the ramp-up phase of our recombinant product.”
The financing agreement with Calm Seas Capital was recently disclosed in an 8k filing and that filing, including details of the agreement, are available on the EDGAR system.
About Kraig Biocraft Laboratories
Kraig Biocraft Laboratories is a fully reporting biotechnology company that recently achieved a series of scientific breakthroughs with implications for the global textile industry. For further information, please visit www.KraigLabs.com.
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,” “develops,” “researching,” “research,” “potential,” “could” or other words or phrases of similar import. Similarly, statements in this release that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals should all be considered forward-looking statements. 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. Management cautions that its ability to further its research, and create commercially-viable products may be affected by the competitive environment, the Company’s financial condition and its ability to raise sufficient capital to meet the financial obligations of its business plan and to fund its continuing operations.
Contact:
Ben Hansel, Hansel Capital, LLC
(720) 288-8495