Kraig Biocraft Laboratories Completes Phase One of its Spider Silk Production Facility Expansion

Rhea-AI Summary

Kraig Biocraft Laboratories (OTCQB: KBLB) has completed phase one of its spider silk production facility expansion on budget and on schedule. The expanded facility will support the company's third production wave starting this month, allowing for continued production during the rainy season. Key points include:

- New space for processing, drying, and storing fresh mulberry
- Ongoing construction of a larger silkworm egg hatchery
- Hatchery expected to address production needs for 12-18 months
- Part of systematic growth plan for commercial-scale spider silk production

CEO Kim Thompson emphasized these investments will help bring cost-effective and eco-responsible spider silk to global markets.

Positive

• Completion of phase one production facility expansion on budget and schedule
• Increased capacity to continue production during rainy season
• Construction of larger silkworm egg hatchery underway
• New hatchery expected to meet production needs for next 12-18 months

Negative

• None.

ANN ARBOR, Mich., July 15, 2024 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("the Company" or "Kraig Labs"), announces today the completion of phase one construction for its production facility expansion. This project was completed on budget and on schedule. This facility is now ready to support the Company's third production wave, which will begin this month.

This additional production space will allow Kraig Labs to continue its production expansion during the rainy season when silk production is traditionally reduced. This new space provides the facilities for the Company to process, dry, and store fresh mulberry needed during the rainy season. With this new space, the Company can continue expanding its spider silk production.

Kraig Labs is also investing in a second, significantly larger project, constructing a new dedicated silkworm egg hatchery. This larger facility is expected to address the Company's production needs for the next 12-18 months. Construction on this project is also underway. It is expected to be online before the end of the rainy season.

"These investments in production capacity expansion are a part of our systematic growth plan for commercial scale production of spider silk," said the Company’s Founder and CEO, Kim Thompson. "These additional facilities will allow us to keep our foot on the accelerator, bringing cost-effective and eco-responsible spider silk to the global markets."

To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to www.KraigLabs.com/news   

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

FAQ

What is the status of Kraig Biocraft Laboratories' (KBLB) production facility expansion?

Kraig Biocraft Laboratories has completed phase one of its spider silk production facility expansion on budget and on schedule. The expanded facility is ready to support the company's third production wave starting in July 2024.

How will the expanded facility benefit Kraig Biocraft Laboratories' (KBLB) production?

The expanded facility will allow Kraig Biocraft Laboratories to continue spider silk production during the rainy season when production is traditionally reduced. It provides space for processing, drying, and storing fresh mulberry needed during this period.

What additional expansion projects is Kraig Biocraft Laboratories (KBLB) undertaking?

Kraig Biocraft Laboratories is constructing a new, larger dedicated silkworm egg hatchery. This facility is expected to address the company's production needs for the next 12-18 months and is anticipated to be operational before the end of the rainy season.

How do these expansions align with Kraig Biocraft Laboratories' (KBLB) overall strategy?

These expansions are part of Kraig Biocraft Laboratories' systematic growth plan for commercial-scale production of spider silk. The company aims to bring cost-effective and eco-responsible spider silk to global markets through these investments in production capacity.