Kraig’s joint venture with Kings is tied to the previously announced exclusive spider silk purchase and sales agreement valued at up to US$40 million
ANN ARBOR, Mich., April 09, 2021 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company” or “Kraig Labs”), the biotechnology company focused on the development and commercialization of spider silk, announces that the Company, together with M the Movement, Kings Golden Harvest Pte Ltd (“Kings Group”), has established Spydasilk Enterprises Pte. Ltd. (“Spydasilk Enterprises”) as a Singapore based joint venture.
This partnership represents the Company’s first vertically integrated sales channel.
Spydasilk Enterprises is developing a premium line of luxury streetwear based on Kraig Labs’ spider silk technologies with exclusive sales rights within the Association of Southeast Asian Nations (ASEAN) region. The move positions Kraig Labs and Kings Group to advance their partnership, which began with a previously announced exclusive purchase and sales agreement valued at up to US$40 million.
“Based on our initial efforts, there is a definite demand for spider silk technology and product developers are very excited about working with these super fibers,” said Walter Wee, CIO of Kings Group. “In addition to building up the Spydasilk brand, we must build Spydasilk’s vendor and customer bases. We are already having great success with clients that share our vision and passion for spider silk. We believe that their efforts will further broaden Spydasilk’s market opportunities in multiple industries asides from the fashion industry,” continued Wee.
The new joint venture company will commercialize Kraig Labs’ biodegradable and biocompatible ‘super fibers’, using a scalable and cost-effective spider silk production platform and patented spider silk gene sequences in silkworms.
“This new joint venture is the beginning of the fulfillment of my original vision for Kraig Labs, where we are able to vertically integrate and capture intermediate and end product margins. Thanks to Walter and the Kings Group team, Spydasilk should hit the ground running. We have high expectations for the future of spider silk and Spydasilk Enterprises,” said Kim Thompson, Kraig Labs’ founder and CEO.
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About Kings Group and M the Movement
Kings Group is headquartered in Singapore and established regional offices with multiple assets in Indonesia and Vietnam. Kings Group envisions itself to be a forerunner in International Marketing and Trading; bridging domestic businesses and projecting their products internationally.
For further information, please visit www.kings.com.sg.
M the Movement is Kings Group’s premiere eco-friendly luxury streetwear line. Internationally recognized and loved by celebrities globally.
For more information, please visit www.mthemovement.com
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.
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.
Ben Hansel, Hansel Capital, LLC