LANSING, Mich., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) ("Company"), the leading developer of advanced spider silk based fibers, announced today that it has appointed M&K CPAs ("M&K") as the Company's new independent registered public accounting firm and has thereby dismissed PS Stephenson & Co, P.C. ("Stephenson") from that role. The decision to engage M&K was made by the Company's audit committee, acting on behalf of the Company's board of directors, on October 28, 2013.
"As a result of the Company's changing needs, as it advances toward commercialization of recombinant fibers, and after consulting with our Stephenson representative, we determined that it would be best to engage a new, larger accounting firm that is positioned to address our future needs. Therefore, we are very pleased to engage M&K as our independent auditors."
"We appreciate Stephenson's expert service, which they've proficiently provided for the past two years, and we would like to thank them for their professionalism," said Kraig CEO and founder, Kim K. Thompson.
The Company had no unresolved disagreements with Stephenson, during the two most recent fiscal years and through the date of this release, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The move to M&K as the Company's registered accounting firm was made in consideration of M&K's considerable expertise and the Company's changing needs as it moves toward commercialization.
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully 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.