Kraig Biocraft Laboratories Announces Intention to Diversify and Expand its Production Base
Kraig Biocraft Laboratories, Inc. announces plans to expand production base into Cambodia to support the growth of its recombinant spider silk production. The Company's successful spring production trials have paved the way for rapid expansion and diversification of operations. With a target of one metric ton production before year's end, the Company aims to capitalize on its recent successes and continue scaling up its operations.
Successful spring production trials paving the way for rapid expansion and diversification of operations.
Aiming to increase production exponentially over the next two quarters with a target of one metric ton before year's end.
Founder and CEO, Kim Thompson, actively involved in scouting potential production locations in Cambodia, highlighting the Company's commitment to growth and diversification.
Risks associated with expanding operations into Cambodia, including regulatory challenges and uncertainties in a new market.
Potential logistical challenges in coordinating production between different locations.
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
FAQ
What is Kraig Biocraft Laboratories announcing?
Kraig Biocraft Laboratories, Inc. announces its intention to diversify and expand its production base into Cambodia.
Who is the founder and CEO of Kraig Biocraft Laboratories?
The founder and CEO of Kraig Biocraft Laboratories is Kim Thompson.
What is the stock symbol for Kraig Biocraft Laboratories?
The stock symbol for Kraig Biocraft Laboratories is KBLB.
What is the target production goal for Kraig Biocraft Laboratories before year's end?
The target production goal for Kraig Biocraft Laboratories before year's end is one metric ton.
