The spectacular rise continues for Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) as shares respond to increasing seeming potential for its spider silk product to be involved in some big apparel deals. To make matters even more interesting, the company just announced that it has initiated the process of identifying qualified corporate leaders, to assist in the company’s growth, as it plans to add two new independent corporate board directors.
“With the successful delivery of our proprietary spider silk technology to Prodigy Textiles, our Vietnamese subsidiary, we are now moving into the production phase of our business plan. We believe that this is the right moment to bring on additional expertise to support the Company’s efforts to bring spider silk to the performance textile markets. The addition of these new board members will assist our growth through this exciting transition to commercialization and help keep our focus on continuing to create shareholder value,” stated COO, Jon Rice.
Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) bills itself as a company that focuses on developing protein based fibers using recombinant DNA technology for commercial applications in the textile and specialty fiber industries in the United States. This fully reporting biotechnology company is the leading developer of genetically engineered spider silk based fiber technologies.
KBLB has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
Core product technology is aimed at military and police applications for ballistic protection; industrial applications, including critical cables and abrasion/impact resistant components; safety equipment; composite materials for the aero-space industry; and for ballistic protection by the defense industry.
Its products are also used in various markets, such as medical textiles, geo textiles, defense and military textiles, safe and protective clothing, filtration textiles, transportation textiles, textiles used in buildings, composites with textile structure, and functional and sportive textiles.
According to company materials, “Kraig Labs (OTC: KBLB) is the leading developer of genetically engineered spider silk based fiber technologies. Kraig’s recombinant spider silk fibers are lighter, stronger, and more flexible than traditional materials, offering unmatched material performance with sustainable and ecological manufacturing practices.”
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As noted above, KBLB just announced that it has initiated the process of identifying qualified corporate leaders, to assist in the Company’s growth, as it plans to add two new independent corporate board directors.
The chart shows just under 250% tacked on to share pricing for the listing in the past month. Furthermore, the company has seen interest climb, with an increase in recent trading volume of just under 610% beyond what we have been seeing over the larger time frame.
“We plan to conduct a careful search, to identify independent board members who can contribute expertise and crucial market experience, as we look to rapidly grow our capacity and expand our strategic market channel partner networks,” said CEO and Founder, Kim Thompson.
At this time, carrying a capital value in the market of $208.85M, KBLB has virtually no cash on the books, which compares with about $4.5M in total current liabilities. One should also note that debt has been growing over recent quarters. KBLB is pulling in trailing 12-month revenues of $402K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -100%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $KBLB stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $KBLB, either long or short, and we have not been compensated for this article.