LANSING, MI–November 18, 2010- Kraig Biocraft Laboratories, Inc. (KBLB) announces that the Company has submitted its 10Q filing for the third quarter of 2010.
The Company’s financial statements reflect more than a fifty percent reduction in total corporate liabilities in comparison to both the second quarter of 2010 and the 2009 end of year figures. At the end of this year’s second quarter and at the end of 2009, corporate liabilities totaled approximately $3.2 million. The financial statements filed today reflect total liabilities of approximately $1.465 million as of September 30, 2010.
“The reduction of our liabilities and the strengthening of our balance sheet has been a focus of management’s attention, as we move to commercialize our laboratory discoveries,” said Kim Thompson, Kraig Biocraft Laboratories’ CEO and founder. “We view it as a critical component for positioning ourselves for upcoming events and most particularly as we seek corporate alliances to accelerate the entry of our products into the marketplace.”
“In order to contribute to that effort, among other things, I have surrendered most of my unpaid back salary to the Company, along with the beneficial conversion features which would have allowed me to covert that debt to stock on favorable terms,” continued Thompson. “That action, along with other actions we have taken over the last several months have, in my opinion, significantly improved the Company’s financial position and have made us a potentially more attractive partner as we seek out new relationships in both the biotechnology and textiles industries.”
In exchange for the surrendering of back salary, beneficial conversion rights and certain other debts, including the right to certain mile stone payments, the Company will issue to Thompson preferred stock bearing extra voting rights. These shares will not be entitled to any dividends or interest payments whatsoever.
To learn more about the Company’s recent commercial and scientific breakthroughs 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,” “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.