By: Matt Rego
The developer of spider silk-like protein fibers, Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) saw shares rally over 33% on Tuesday, July 12, 2016 on explosive volume. Over the past three months, Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) has seen average daily volume of around 818,995 shares exchange hands. However, nearly 4.24 million shares or $110,240 in dollar volume have exchanged hands in the earlier hours of trading Tuesday.
The big news that is driving shares higher comes from news that Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) has been awarded a contract worth up to $1 million from the U.S Army. The new contract will focus on Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB)’s Dragon Silk products and how they can be used to defend troops from ballistic attacks. Here is press release of the deal:
ANN ARBOR, Mich., July 12, 2016 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (KBLB) (“Company”), the leading developer of spider silk based fibers, today announced that it has received a contract valued at up to $1.0 million, if the option phase is awarded, for the development of high performance fibers for protective apparel applications. Under the fully funded base effort, valued at $99,962, the Company will deliver ballistic shoot packs constructed from its proprietary Dragon Silk™ material for performance testing. These shoot packs will be tested and evaluated for critical Soldier protective applications including ballistic impact. If awarded, the option phase will significantly expand this work allowing Kraig to work direct with the Army to develop the next generation of super fibers for protective applications.
“Dragon Silk scores very highly in tensile strength and elasticity, which makes it one of the toughest fibers known to man and the ideal material for many applications,” stated Jon Rice, COO. “Providing material for this ballistic shoot pack initiative is an important next step for Kraig and spider silk. This contract reinforces the many significant potential applications for recombinant spider silk. Today is a great day for spider silk.”
“We’re proud to be working with the Department of Defense to assess the exciting potential of spider silk for military applications,” stated Kim K Thompson, CEO and founder of Kraig Biocraft Laboratories. “We are honored that the U.S. Army has selected us for this program. This effort will provide Kraig Labs with the opportunity to validate our longstanding belief that spider silk technology has had an incredible potential for protective and lifesaving materials and expand our ability to design and engineer innovative materials solutions.”
The base effort on this contract is scheduled to last ten months and is the Company’s first US Department of Defense award.
To view the most recent edition of Kraig’s Spider Sense quarterly newsletter and/or to sign up for Company alerts, please go towww.KraigLabs.com/newsletter
About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully 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