U.S. Army Exercises Contract Option with Kraig Biocraft Laboratories awarding additional funding to Develop and Deliver Spider Silk Technology
ANN ARBOR, Mich., Aug. 02, 2017 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB) (“Company”), the leading developer of spider silk based fibers, today announced that the U.S. Army awarded the optional phase of its contract with the Company valued at more than $900,000. Under this exercised option, the Company will work to design, produce, and deliver additional recombinant spider silk materials tailored for the protective needs of our Soldiers. With this additional award the total contract is now valued at more than $1.0 million.
“When I founded this Company it was with the dream that one day we would work with the US Army to produce ultra-high strength materials in support of our Warfighters,” said Company CEO and founder, Kim K. Thomson. “The Army’s exercise of its option under our agreement validates that dream. Our team is honored to be working on this noble project and we intend to provide this very important customer with the very best high strength polymers using our recombinant spider silk technology.”
“We are extremely excited to continue our work with the US Army to deliver revolutionary materials to support the Warfighter,” stated Jon Rice, COO. “Under this new phase we will be working closely with our sponsor agency to match the performance of our spider silk to their specific use cases and protective applications. I would like to thank our team for the incredible amount of effort they’ve put in to make the first phase of this project a success and express my gratitude to our sponsor for the trust and confidence they’ve placed in us to deliver the next generation of spider silk solutions. The potential uses of spider silk are nearly limitless, but one of the greatest honors is being able to apply our technology to serving those who dedicate themselves to serving and protecting all of us.”
This additional work on the contract is scheduled to last roughly 12 months and is the Company’s second US Department of Defense award.
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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.
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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,” “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.
CONTACT: Ben Hansel, Hansel Capital, LLC (720) 288-8495 ir@KraigLabs.com
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