ANN ARBOR, Mich., – July 29, 2019 –Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that the Company’s shareholders have voted to approve uplisting to a national securities exchange, during its annual shareholder meeting (“meeting”) held on July 24. Additionally, shareholders overwhelmingly approved all proposed ballot measures.
The meeting attendance greatly exceeded Company management’s expectations, including shareholders from outside of the US in the audience. Originally planned for forty five minutes, the meeting lasted for over three and a half hours, with Company management holding open question and answer sessions during both the formal and informal portions of the meeting.
Kim Thompson, the founder and CEO of Kraig Labs, provided a presentation to shareholders on the significance of the Company strategy to uplist to a national exchange and the underlying efforts the Company has made to prepare for this transition.
Jon Rice, the Company’s COO, shared an overview of the Company’s multiphase production model, progress in the buildout of its overseas factory, and the Company’s go to market strategies leveraging collaborations with leading brands in select market channels.
Several member of the Kraig Labs staff were in attendance at the meeting, including Dr Trevor Kane, the Company’s newly appointed Chief Scientist. Samples of the Company’s recombinant spider silk thread and silkworms, at each stage of the lifecycle, were on display for shareholders to see and touch.
“I believe that today’s shareholder vote and approval of all of the ballot measures puts Kraig Labs on a solid footing for our future growth,” said Thompson. “I would like to personally thank all of our shareholders for their support of the proposals. With their overwhelming support and encouragement we are emboldened to carry forward with our plans to disrupt the textile markets with our eco-friendly and affordable recombinant spider silk.”
Cautionary Statement: While management and shareholders have approved an uplist, there can be no guarantee that these plans will come to fruition. There are a number of obstacles that the Company will have to successfully navigate before an uplist can be implemented.
“The shareholder meeting was an absolute success. It was a pleasure to meet with so many of our shareholders and share our mutual excitement for the future of Kraig Labs,” said COO Jon Rice.
Details of the voting results can be found on the Company’s website, please go to www.KraigLabs.com/sec-filings/
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