Kraig Biocraft Laboratories Enters Next Phase of Business Plan, Signs Deal with Contract Manufacturer to Produce Metric Tons of Recombinant Spider Silk
Kraig Biocraft Laboratories, Inc. (KBLB) has signed its first third-party production contract for large-scale manufacturing of recombinant spider silk. Operations are set to begin immediately, with expectations of producing hundreds of kilograms per month and possibly reaching multiple metric tons by Q1 2023. The contractor, already equipped with Kraig's proprietary technology, will undergo a 90-day ramp-up for initial deliveries. Kraig Labs will gain minority ownership in the production facility, ensuring oversight of financial records and operations as they aim to deliver eco-friendly spider silk to the market.
- Signed first third-party production contract for large-scale spider silk manufacturing.
- Expected production ramp-up to hundreds of kilograms per month, possibly reaching multiple metric tons by Q1 2023.
- Kraig Labs to gain minority ownership in the production facility, enhancing control and oversight.
- None.
ANN ARBOR, Mich., July 18, 2022 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("Company" or "Kraig Labs"), the biotechnology company focused on the development and commercialization of spider silk, announces the signing of its first 3rd party production contract for large scale manufacturing of the Company's recombinant spider silk. The Company expects to immediately begin operations with this contractor to produce hundreds of kilograms of spider silk per month and to achieve production levels reaching multiple metric tons of spider silk per month as early as the first quarter of 2023. The contractor is in possession of the Company’s specialized eggs and anticipates a 90-day ramp-up for the first deliveries under the contract.
Pilot testing with this contractor during the first two quarters of 2022 demonstrated the capacity and expertise of this manufacturer to operate at a large scale and with excellent quality.
Under the contract terms, Kraig Labs will become a minority owner of the silk producer. Kraig Labs will have complete access to the manufacturer's financial records and an onsite presence to ensure the proper handling and security of the Company's propriety spider silk technology.
"Our business model was designed to leverage the existing silk production infrastructure. The signing of this agreement rapidly expands our access into that production network and brings us to the next critical stage in our business plan," said Company COO Jon Rice. "Working with this contract manufacturer, we will soon be ready to deliver metric tons of eco-responsible and cost-effective spider silk to the consumer markets."
In the coming days, the Company plans to release the first in a series of behind-the-scenes videos looking into its operations in Vietnam and the commercialization of its spider silk materials.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.
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
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