Kraig Biocraft Laboratories Inc (KBLB)

[arachnodude]

I understand the confusion. Three months ago they did announce they were forming a brand called Spydasilk. Establishing a brand doesn't equate to establishing a company based on the brand, though. They could've operated separately and still have developed Spydasilk. That's how MOST Joint Ventures work. Instead, they decided to take the joint venture a step further, if you will, and make the brand into an entire company on its own. They could have operated the joint venture as the agreement stated. Entirely different to form a separate legal entity for the joint venture. I will admit, I was not aware three months ago these two separate companies we're going to make their collaborative efforts into a sole entity on its own. It was my impression from what was stated in the PR and the ensuing documents regarding the contract to produce, that they were just operating jointly to produce Spydasilk. They would market the brand and produce for the brand, but, it was my understanding they were doing it as KBLB and MtM/Kings Group. Both benefitting from the agreement, nonetheless. In all the JV's I've ever been involved in, never has both (or more) companies joined together to form a single entity. This PR today confirms they have taken a further step to put the entire Spydasilk brand under one roof as Spydasilk Enterprises Pte, Ltd. I'm sure if this was a concrete thing three months ago, they would have stated it as such in both the PR and lined it out in the Agreement. But, the fact is, both separate companies knew it was a "WORKING RELATIONSHIP" as it was stated multiple times in the Agreement. But, to get the gist:

The working relationship can be terminated at any time by any Party following a consultation period of 120 (one hundred and twenty) calendar days or such period as agreed otherwise between the parties and thereafter giving 60 (sixty) calendar days written notice of termination to the other Party.

It takes more to dissolve a business than it does a "working relationship." That's what needs to be understood. And that is the difference between a "working relationship" between two separate companies versus two separate companies joining together to form a single business beyond just a "working relationship."


Regarding the other excerpted statement:

I would be pissed, too, if they came out and said they're "now starting production towards the MtM contract." What I said was, when they announce production "towards the $3M that's to be completed towards their $40M contract." Nowhere did I say, "now starting." My inference was to announce whatever amount they have produced towards that $3M. You know, that they're currently producing towards that contract.