Kraig Biocraft Laboratories, Inc., leading developer of spider silk based fibers, signed a cooperative agreement with a governmental entity in Vietnam to develop and produce the Company’s advanced silk technologies. Under the terms of the agreement Kraig Labs has agreed to form a subsidiary company in Vietnam and to open an advanced hybrid silk research and pilot production operation.
Kraig Labs has created an efficient method of producing high strength silks using its innovative genetic engineering technologies. According to the company, demonstrating superior strength and elasticity, in some cases higher strength and elasticity than native spider silks, Kraig Labs Dragon Silk has the potential to reshape the textile industry.
The research and production agreement lays the groundwork for the production and further development of these advanced hybrid textiles.
CEO and Founder Kim Thompson said that this agreement represents a major advancement for Kraig Labs and is the successful culmination of two years of negotiations and many more years of scientific research and development.
It is a key milestone in the advancement of their longstanding business plan to bring these advanced materials to the multi-billion dollar marketplace for advanced technical textiles. It brings them a huge step closer to meeting the demand for our spider silk technologies. This agreement is important for them because of the tremendous existing silk and textile production infrastructure, while also bringing a new technology and capability to Vietnam.
This agreement was the result of considerable effort by all parties involved and they are pleased to announce today the success of those efforts.
Over the next several months the Company plans to finalize the formation of the subsidiary, lease a research and production facility in Vietnam, hire and train local staff, obtain permits, and begin cross breeding its silkworms with local commercial silkworm lines.
The Company is currently in the process of obtaining the necessary approvals for the subsidiary and its operational plan.
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