The progressive launch of Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) continues unabated in recent action, with the stock accelerating its parabolic run on Tuesday. Shares of the stock are now up about 400% since the middle of April as its spider silk solution tests its mainstream potential in the textile space. Helping to drive the action, the company just announced that, through its subsidiary Prodigy Textiles, the company has signed a new 5-year lease on a factory, expanding its production footprint in Vietnam.
According to the release, the roughly 50,000 sq ft facility in Quang Nam province is expected to play a major role in supporting the company’s increasing production capacity of its proprietary recombinant spider silk technologies.
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, through its subsidiary Prodigy Textiles, the company has signed a new 5-year lease on a factory, expanding its production footprint in Vietnam.
We’ve witnessed nearly 390% piled on for shareholders of the listing during the trailing month. In addition, the listing has seen interest climb, with an increase in recent trading volume of topping 560% beyond its prior sustained average level.
“Our team in Vietnam, led by Mr. Kenneth Le, has done an excellent job of scouting, selecting, and negotiating the terms of this deal. With its close proximity to the necessary mulberry fields, and easy access to shipping ports, this facility will serve as a springboard for Kraig Labs’ introduction of spider silk into the global textile markets,” said COO Jon Rice.
At this time, carrying a capital value in the market of $284.07M, 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.