Just a rehash of the KBLB PR, Hope...
ANN ARBOR – Spider silk-based fibre producer Kraig Biocraft Laboratories has been awarded an increased investment licence by the Vietnamese government through which it will expand its recombinant spider silk production capabilities at its subsidiary, Prodigy Textiles.
Under the new license, the company’s potential investment cap has been increased to US$50 million which will facilitate ongoing plans to execute second phase expansion plans at the facility in the Quang Nam province.
It has been a busy couple of years for the Michigan-based innovator which in May first took possession of the manufacturing facility in Vietnam, prior to retrofit. “Our people on the ground in Vietnam are wasting no time getting this facility into operation,” said COO Jon Rice at the time. “We have outlined a very aggressive timeline for bringing the factory online and we are monitoring progress daily.”
The new license was awarded during a recent trip to Vietnam and was accepted by Rice has overseen activities in the Southeast Asian nation over this period. After reviewing the progress made under this first phase and meeting with company officials, the Vietnamese authorities authorized the expansion of the company investment in scaling up recombinant spider silk production.
“The granting of this expanded license is a demonstration of confidence in Kraig Labs and the potential our eco-friendly spider silk technology has to dramatically alter the global markets for silk and performance textiles,” said Rice.
Web: www.kraiglabs.com
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