Good morning friends, KBLB got some SPYDASILK news today.
Kraig Biocraft Laboratories
KRAIG BIOCRAFT LABORATORIES AND KINGS GROUP FORM SPYDASILK ENTERPRISES PTE. LTD., A SINGAPORE BASED JOINT VENTURE COMPANY, FOR THE MARKETING AND SALES OF SPIDER SILK BASED PRODUCTS
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 9, 2021– 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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