Replies to post #255542 on Kraig Biocraft Laboratories Inc (KBLB)

[TRUISM]

Why didn't Kings Group pay the 250K yet?

Two of the four years has already passed of a "4 year firm commitment."

Jan. 26, 2021 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company” or “Kraig Labs”), the biotechnology company focused on the development and commercialization of spider silk, announces that it is forming a joint venture partnership with MtheMovement, an eco-friendly luxury streetwear apparel line, part of the Kings Group of Companies and its affiliated companies (“Kings Group”).

The joint venture will develop and sell Kraig Labs’ spider silk fibers under the new innovative apparel and fashion brand, trade named SpydaSilk™ and potential other trademarks to be announced. All intellectual property related to SpydaSilk™ will be jointly owned by Kraig Labs and Kings Group. The deal combines Kraig Labs’ industry leading fibers with Kings Group’s business skills and regional enterprise expertise, creating what we believe will be a strong vertical integration for both companies.

Under the terms of this agreement, Kraig Labs granted the joint venture and the SpydaSilk brand an exclusive geographic license to all Kraig Lab technologies for the ASEAN region, in exchange for a 4 year firm commitment to purchase up to $32 million, with an additional projected purchase of $8 million, of Kraig Labs’ raw recombinant spider silk, with an initial payment of $250,000.

So didn’t Kings Group who has offered a $40 MILLION dollar check for this wonderful invention , but like expected Thompson can’t deliver the goods….which was over 2 Freaking years ago

What an inept CEO

TRUISM