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25th April 2018, Ann Arbor, MI

Kraig Labs announces Vietnamese subsidiary

Kraig Biocraft Laboratories has received approval for the establishment of its new Vietnamese subsidiary, Prodigy Textiles.Kraig Biocraft Laboratories, a leading developer of spider silk based fibres, has received approval for the establishment of its new Vietnamese subsidiary, Prodigy Textiles Co. Ltd. The company says it is happy to announce it has received, from Vietnam, its official investment registration certificate for the new subsidiary.

The establishment of the company’s first subsidiary is seen by management as a major milestone toward its long-term goal of establishing large scale spider silk production. “What a great moment for Kraig Labs and the entire spider silk industry. We anticipate that our new subsidiary in Vietnam will open the doors and pave the way for spider silk production and our commercialization efforts,” said founder and CEO, Kim Thompson.

Vietnam has been the focus of the company’s efforts to launch commercial scale production of recombinant spider silk, due to the country’s existing silk production infrastructure. The company’s advanced silk production platform was designed specifically to fit within and utilise existing silk industry infrastructure. The company’s systems were designed that way in order to provide what Kim Thompson believes to be a significant competitive advantage.

While the establishment of Prodigy Textiles is viewed by Kraig Biocraft Laboratories as a major milestone toward commercialisation and large scale production, establishing production in Vietnam requires a separate government issued enterprise registration certificate.

“I want to thank our COO, Jon Rice, and our exceptional team of professional consultants who have worked tirelessly to make the founding of this production arm of our company a reality,” said Mr Thompson.

Kraig Biocraft Laboratories, a fully reporting biotechnology company, is a leading developer of genetically engineered spider silk based fibre technologies. The company says its genetic engineering research has succeeded in developing a practical and cost-effective technology for producing recombinant spider silk based fibres on an industrial scale.

www.kraiglabs.com

Further reading

Kraig Biocraft Laboratories completes site survey with Vietnamese officials

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