Kraig Biocraft Laboratories, Inc. (KBLB) announced today that numerous financial websites experienced a temporary disruption in their Company related data stream on October 7, 2010.
The data stream interruption was the result of the largest market makers changing trading platforms. “Apparently the largest market makers have decided to run their trades through the pink sheet system because of dramatic increases in OTCBB trading fees,” said CEO Kim Thompson. “The change had nothing to do with our corporate activity. We remain current on all of our filings and will of course remain a reporting company. Our third quarter just ended a few days ago on September 30th, and we anticipate filing our 10Q in record time for Kraig.”
The migration of market makers from the OTCBB to the Pink Sheet trading platform apparently began accelerating when the OTCBB decided to increase the fees it charges market makers. When market makers run their trades through a rival platform and give no part of their business in a security to the OTCBB for a period of four days or more, the OTCBB can list the subject security on its daily list under rule 15c2-11. For reasons which have not been explained by the OTCBB, this action resulted in the data stream disruption as the OTCBB did not bother to provide advance notice to the financial service websites, to the company or, apparently, even to its market makers.
During the disruption the Company publicized that current data might be obtained by adding .pk to the Company’s symbol. As of this writing, it appears that that is not necessary and that data flow has been restored to KBLB. The Company thanks all of the financial service websites and information technologies professionals who worked during the day to restore the flow of information.
As a reminder, the Company will be hosting a conference call today, Friday October 8, 2010 at 4:30 PM EDT. Please check our public announcement of earlier today for conference details.
For more information on Kraig Biocraft Laboratories please visit the Company’s web site: https://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,” “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 (720) 288-8495, email@example.com