ANN ARBOR, Mich., May 18, 2020 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“the Company”) announces that the Company’s Board of Directors held its first meeting with its four new members-elect in attendance. During this meeting, management briefed the board on the Company’s plans for 2020 expansion and growth. The scheduled increases in spider silk production for 2020 and the role of the new “knock-in/knock-out” technology were also discussed.
The Company’s expansion of its Board of Directors is intended to strengthen its corporate governance and to directly address the requirements for listing on a national exchange.
The new members-elect are expected to be formally nominated and seated as voting members within the next sixty days. The expanded board brings a wealth of experience in international manufacturing operations, corporate finance, and accounting. The board will help the Company navigate what management expects to be a period of significant growth.
“The Kraig Labs Board of Directors is being expanded, with three independent directors and with the appointment of Jon Rice, the Company’s COO, to satisfy the governance criteria for listing on a national exchange,” said Chairman and CEO, Kim Thompson. This very positive upgrade in our corporate governance has been part of our growth plan since our last shareholder meeting, in 2019. As the Company grows, so should the level of oversight.”
Thompson continued, “Our first meeting with the expanded board was very productive, including discussions of specific committee appointments. The new members were selected for the unique strengths that each brings to our operations, as we work to significantly expand our production. Our management team is looking forward to the formal appointment of these new members, in the very near future, and I want to thank each of them for their work and enthusiasm.”
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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.
Ben Hansel, Hansel Capital, LLC
(720) 288-8495
ir@KraigLabs.com