Want2retire: “So when the company told us in late July they had product ready to ship, they were lying?”
I don’t think they said they had ‘product’ to ship. They said they had silk ready to ship for production into cloth, but no cloth. Given that they are selling fabric to Kings, not silk fibers, there is no product yet.
Want2retire: “When we saw the medical applications they are working on and confirmed they are made using Kraig materials, they were again lying?”
Nope. Just omitting important details that make it all-but-impossible to evaluate the importance of this development, especially in the near term of 2-3 years.
Want2retire: “When they told us logistics were causing delays in getting materials processed, this was more lies?”
Nope. Just omitting any responsibility for the problems and delays that were not due to Covid-19.
Want2retire: “It’s fine to say “all I care about is sales” but to argue no production is happening is ignoring what the company has shared with us.”
It’s hard to overlook all of the misleading statements and absence of important information that have eroded the trust many have with KBLB. I believe that production is underway but also believe the amount of production is unimpressive. I hope that the measures being implemented will improve the rate of silk fiber production that may enable the company to meet some of their demands. I suspect that KBLB will fall short of the quantities contracted for with Kings for a considerable period of time, but that is based on imperfect evidence. From the most recent reports, KBLB is looking for a local partner to turn silk fibers into fabric. That strongly implies that the next significant development to advance the share price will be Q2 2022.
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