Kraig Biocraft Laboratories Inc (KBLB)

[spongeni]

I love this CEO!! WOW KIM!! "In order to contribute to that effort, among other things, I have surrendered most of my unpaid back salary to the Company, along with the beneficial conversion features which would have allowed me to covert that debt to stock on favorable terms," continued Thompson. "That action, along with other actions we have taken over the last several months have, in my opinion, significantly improved the Company's financial position and have made us a potentially more attractive partner as we seek out new relationships in both the biotechnology and textiles industries."

In exchange for the surrendering of back salary, beneficial conversion rights and certain other debts, including the right to certain mile stone payments, the Company will issue to Thompson preferred stock bearing extra voting rights. These shares will not be entitled to any dividends or interest payments whatsoever. "We view it as a critical component for positioning ourselves for upcoming events and most particularly as we seek corporate alliances to accelerate the entry of our products into the marketplace."