Kraig Biocraft Laboratories Announces Intention to Diversify and Expand its Production Base
Ann Arbor, Michigan–(Newsfile Corp. – May 13, 2024) – Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“the Company” or “Kraig Labs”), announces today that it is pursuing a possible business expansion into Cambodia to support the rapid growth and diversification of its recombinant spider silk production.
The Company’s founder and CEO, Kim Thompson, together with a joint team from Kraig Labs and Prodigy Textiles, recently surveyed potential production locations in Cambodia. During the survey the team identified areas of the country which would be suitable for production. An added draw to Cambodia is its proximity to existing Kraig Labs operations, its business-friendly environment, and specific opportunities identified by the team.
With the overwhelming success of the Company’s spring production trials and the rapid expansion of production planned for this year, management is working to add additional potential capacity and diversify its production base.
“Cambodia would be a strong complement to our expanding production operations,” said Thompson. “Diversification and expansion of our operations has been a core element of our business model. With the success of the spring production trials, we are now in a position to activate this next expansion stage.”
Production at the Company’s existing facilities is expected to continue to increase exponentially over the next two quarters, with the target of one metric ton before year’s end. Thompson and Dr. Nirmal Kumar will continue to closely monitor each stage of expansion to ensure the Company continues to build on the successes of the spring trials.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a 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
(720) 288-8495
ir@KraigLabs.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208912