Kraig Biocraft Laboratories Keeps Staff on Payroll While CEO Forgoes Pay

ANN ARBOR, Mich.--(BUSINESS WIRE)--Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB), the leading developer of spider silk based fibers, announces that the Company will be keeping its entire staff on the payroll while its CEO forgoes pay. This decision was made to confirm the Company’s commitment to its staff and to provide support for all of our team members as the coronavirus pandemic continues to impact the globe.

All non-essential staff that were furloughed in the Company’s efforts to limit the spread of COVID-19 will continue to receive their pay. To offset these expenses, Kim Thompson, the Company’s CEO and Founder, has elected to forgo receiving or accruing his salary for the duration of the furlough.

“Kraig Labs is in one of the strongest positions we’ve ever been in, so we are ready to weather the impacts of COVID-19 and come out on the other side stronger. Our teams, in the US and in Vietnam, are the heart of our Company and we are committed to keeping those teams strong and ready,” said Thompson. “Advancements in our commercialization efforts give me confidence that the future for Kraig Labs is brighter than it has ever been.”

Operations at the Company’s US based R&D center continue to break new ground in the field of spider silk genetics in spite of the spread of COVID-19. On April 16 at 4:30 pm ET, the Company will reveal a significant scientific breakthrough in spider silk technology during its online press conference. All interested parties can view this live event by going to www.kblbinvestors.com.

To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to www.KraigLabs.com/news.

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.

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.