LANSING, Mich., April 3, 2008 (PRIME NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCBB:KBLB) announced today that it has completed its annual financial audit for the year ending December 31, 2007, and has filed its 10K with the Securities and Exchange Commission. The company's 10K is available on the EDGAR system and will be available in a few days on the company's web site: www.KraigLabs.com
"In 2007 Kraig significantly increased the pace of its genetic research and development through a collaborative research and intellectual property agreement with the University of Notre Dame," said CEO Kim Thompson. The sponsored research program with the University was responsible for the increase in research and development spending in 2007. "We are excited about the progress and results of our collaboration with the University's Fraser Laboratory, and anticipate increasing the breadth and depth of that program in 2008," continued Thompson. The focus of that collaboration is the development of high performance spider silk polymers.
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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," "forecasts," "estimates", "develops", "researching'" "research," "goal," "potential" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals should all be considered forward-looking statements. 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. Management cautions that its ability to further its research, and create commercially-viable products may be affected by the competitive environment, the Company's financial condition and its ability to raise sufficient capital to meet the financial obligations of its business plan and to fund its continuing operations.