ANN ARBOR, Mich., Jan. 08, 2018 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) (“Company”), the leading developer of spider silk based fibers, today announced that the US ARMY has fully funded its ongoing contract to develop new recombinant spider silk fibers. The additional funding, just over $420,000, brings the total allocated funding on the contract to $1.02 million. This second phase of the Company’s contract with the US ARMY, valued at $921,000, began in July of 2017 and is focused exclusively on the development of new spider silk fibers. The Company is currently utilizing multiple approaches to create these transgenics, with performance that surpasses the original Dragon SilkTM that was produced for the baseline contract.
“The US ARMY’s choice to exercise the base contracts option period and to dramatically increase the total contract value gave us the ability to boost our research and development efforts substantially,” said Jon Rice, COO. “Under this expanded scope we are directed to develop new transgenics, with greater strength and toughness than anything we’ve ever seen before. With the allocation of the remaining contract funding, the US ARMY has now obligated all of the dollars committed in that contract award.”
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (w), 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.
Ben Hansel, Hansel Capital, LLC