New subsidiary created as Company’s production arm for large scale Spider Silk production
ANN ARBOR, Mich., – April 24, 2018 –Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that it has received approval for the establishment of its new Vietnamese subsidiary, Prodigy Textiles Co. Ltd. The Company is happy to announce it has received, from Vietnam, its official investment registration certificate for the new subsidiary. The establishment of the Company’s first subsidiary is seen by management as a major milestone toward its long term goal of establishing large scale spider silk production.
Vietnam has been the focus of the Company’s efforts to launch commercial scale production of recombinant spider silk, due to the country’s existing silk production infrastructure. The Company’s advanced silk production platform was designed specifically to fit within and utilize existing silk industry infrastructure. The Company’s systems were designed that way in order to provide what its founder and CEO, Kim Thompson, believes to be a significant and nearly insurmountable competitive advantage.
While the establishment of Prodigy Textiles Co. Ltd. is viewed by the Company as a major milestone toward commercialization and large scale production, establishing production in Vietnam requires a separate government issued enterprise registration certificate.
“What a great moment for Kraig Labs and the entire Spider Silk industry. We anticipate that our new subsidiary in Vietnam will open the doors and pave the way for spider silk production and our commercialization efforts,” said Thompson. “I want to thank our COO, Jon Rice, and our exceptional team of professional consultants who have worked tirelessly to make the founding of this production arm of our Company a reality.”
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully 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