Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) shares were up 3% on Friday to $0.0700 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.01 to $0.10. The company has a market cap of $53.13 million at 772.13 million shares outstanding.
Towards the end of January, Kraig Biocraft Laboratories announced that it had secured a long-term property lease in Texas for the company’s domestic mulberry production. With that, the company will complete the first phase of expansion by preparing the land and planting 2,000 mulberry trees over the next 60 days, providing a continuous supply of fresh mulberry leaves needed to produce Dragon Silk.
“Signing this lease and opening this new facility brings with it a new era for Kraig Labs and silk production in the US,” said Kraig Biocraft Laboratories Inc COO Jon Rice. “Establishing domestic mulberry production has long been a key piece of our growth plan, today we are pleased to be able share the success of our efforts in bringing that vision into reality. Over the coming months we will complete the planting of the first 2,000 trees and prepare the facility for the next phase of expansion.”
This property offers the company significant capacity for growth with room for tens of thousands of more trees. It expects to see an improvement in materials performance and a reduction in production costs by as much as 30% through the use of locally sourced mulberry.
Earlier in the month, Kraig Biocraft Laboratories Inc also completed a series of successful meetings with government officials in Vietnam designed to outline a collaborative path to large scale production of the company’s high performance silk technologies.
“We were very impressed with what we saw in Quang Nam, its people, history, and capacity makes it a great location for our advanced silk production,” said COO Jon Rice. Company management management toured mulberry production, silkworm rearing, and textile weaving facilities in the province of Quang Nam to better assess the region’s capacity after the meeting.
“We would, again, like to thank the Chairman, Vice Chairman and numerous other leaders of the province for their support and enthusiasm in exploring the opportunity to bring our technology to Quang Nam province,” added Kraig Biocraft Technologies Inc Founder and CEO Kim Thompson.
Kraig Biocraft Laboratories Inc is is a biotechnology company that is focused on the development and commercialization of spider silks. Its lead product is a genetically engineered spider silk known as Monster Silk. Monster Silk is a composite fiber, which is spun by its line of transgenic silkworms.
Monster Silk is composed of a combination of both spider silk proteins and silk from a silkworm. It uses genetic engineering technologies to develop fibers for use in target markets, including the textile, specialty fiber and technical textile industries. Specialty fibers are engineered for specific uses that require strength, flexibility, heat resistance and/or chemical resistance. The technical textile industry involves products for both industrial and consumer products, such as filtration fabrics, medical textiles such as sutures and artificial ligaments, safety and protective clothing, and fabrics used in military and aerospace applications.