ANN ARBOR, Mich.--(BUSINESS WIRE)--Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that Jon Rice, the Company’s COO, held meetings with senior Vietnamese officials in Quang Nam, and US government officials at the US Embassy in Hanoi, Vietnam, to advance its production ramp-up plan for Prodigy Textiles Co., Ltd.
The Company has already received its business license for Prodigy Textiles and its investment authorization for up to $2.2 million to fund the first phase of its spider silk commercialization scale up efforts in Quang Nam. This approved first phase includes the importation of the Company’s hybrid silkworms and production of Prodigy Textiles’ unique high performance silk.
During the meeting with officials in Quang Nam, the Company requested an acceleration of the project schedule, including authorization and the investment license for the second phase of operations, with a total investment cap of up to $50 million. The second phase of the Company’s investment plan includes the development of a 50 hectare parcel of land and the construction of a new dedicated factory, designed to support the Company’s five year expected recombinant spider silk production output needs. The Company has already begun to work with a local architectural firm to develop the plans for this unprecedented facility and spider silk production complex.
“Our meetings in Vietnam were highly productive. Working with officials in Quang Nam, our team of consultants, and US government staff in Hanoi, we have established a clear plan and roadmap to accelerating our efforts to bring affordable spider silk to the global market,” stated Jon Rice, COO. “The first phase of this effort is underway now and, based on our recent meeting, we hope to have authorization for the expanded phase two effort well ahead of our initial schedule.”
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a 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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