UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 26, 2021

 

KRAIG BIOCRAFT LABORATORIES, INC.

(Exact name of registrant as specified in its charter)

 

Wyoming   000-56232   83-0458707

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

2723 South State St. Suite 150

Ann Arbor, Michigan 48104
(Address of principal executive offices, including Zip Code)

 

(734) 619-8066

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   -   -

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (?230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

 
 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On November 23, 2020, Kraig Biocraft Laboratories, Inc. (the “Company”) entered into a Strategic Partnership Agreement (the “SPA”) with Mthemovement Kings Pte Ltd (“Kings”). Kings is an eco-friendly luxury streetwear apparel line, part of the Kings Group of Companies and its affiliated companies. On January 25, 2021, the parties exchanged signatures for an amendment to the Agreement, which amended the procedures for termination of the SPA to only allow for the termination of the SPA by mutual agreement of the Company and Kings following a consultation period of 120 (one hundred and twenty) calendar days or such period as agreed otherwise between the parties (the “Amendment,” together with the SPA, the “Agreement”).

 

Pursuant to the Agreement, the parties will form a joint venture to develop and sell the Company’s 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 the Company and Kings.

 

Under the terms of the Agreement, the Company granted the joint venture and the SpydaSilk brand an exclusive geographic license to all the Company’s technologies for the Association of Southeast Asian Nations, in exchange for a 4-year firm commitment to purchase up to $32 million of the Company’s raw recombinant spider silk over the 4-year period, with an initial payment of $250,000 to the Company. Kings is projected to purchase an additional $8 million of material in the fourth year, but there is no guarantee that such additional purchase will be made.

 

Upon commencement, in consideration for its ownership position in the joint venture, the Company shall issue 1,000,000 shares of its common stock to Kings.

 

The Agreement has a 60-month term, which can be terminated at any time by mutual agreement following a consultation period of 120 days, or such other period as agreed by the parties. If applicable, the parties will honor their share of committed expenditures of the joint venture and King will repay the Company any unused brand funds.

 

The foregoing description of the SPA and Amendment is qualified by reference to the full text of the SPA and Amendment, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively hereto and incorporated herein by reference. Certain identified information has been excluded from the exhibit because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed; such information is noted with brackets in the exhibit.

 

Item 3.02. Unregistered Sales of Equity Securities

 

The disclosures set forth in Item 1.01 of this Current Report are incorporated by reference herein.

 

Item 8.01 Other Events.

 

The Company issued a press release on January 26, 2021 announcing the Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.   Description
10.1   Strategic Partnership Agreement (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed)
10.2   Amendment (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed)
99.1   Press release

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: January 26, 2021

 

  KRAIG BIOCRAFT LABORATORIES, INC.
     
  By: /s/ Kim Thompson
    Kim Thompson
    Chief Executive Officer,
Chief Financial Officer and Director

 

 

 

Exhibit 10.1

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

   

 

 

Strategic Partnership Agreement:

 

This Strategic Partnership Agreement (SPA) dated November 23, 2020 is made between:

 

Kraig Biocraft Laboratories, Inc.

 

Of

 

2723 South State Street Suite 150Ann Arbor, Michigan 48104 (hereafter “KBLB”)

 

and

 

Mthemovement Kings Pte Ltd

 

Of

 

NORDCOM TWO, 2 Gambas Crescent, #06-10, Singapore 757044. (hereafter “MK”).

 

Page 1 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

1. Purpose

 

The purpose of this SPA is to outline how KBLB and MK will work together to maximise the benefits from mutual interests in translating areas of existing science into business practice, as well as identifying strategic markets in the fashion industry to expand the market for KBLB’s technology.

 

● This SPA is legally binding, except as specifically set out below.
   
● This SPA can be amended only in writing and subject to agreement by both KBLB and MK.

 

2. Scope

 

The scope of this SPA covers the science and innovation of mutual interest to KBLB and MK and the associated strategies and business needs. It also includes a package that ensures the off-take and deployment of the Spidersilk being used in Multicomponent Fabrics which will be then committed in volume sales to International brands under the responsibility of MK

 

3. Expectations and Benefits

 

Under the terms of this SPA KBLB and MK seek, within the scope of this agreement, to:

 

● Create mutual understanding of the strategy and business needs of both organisations to enable broader understanding for KBLB of the benefits and opportunities of working with MK and assist MK’s understanding of the benefits and opportunities of working with KBLB;
   
● Identify synergies between MK and Spidersilk-funded research, facilities and training activities where they relate to KBLB business strategies;
   
● Create opportunities for joint or allied funding of activities and projects which translate science into innovative tools or solutions for use by MK;

 

Page 2 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

● Influence KBLB research and by articulating MK’s market long-term research, translation and product development needs with KBLB, and encouraging a culture change in the KBLB research community to address KBLB (and its stakeholders) needs;
   
● Commit to the purchase of material produced by KBLB to the amount of USD$3,000,000 (USD Three Million) in the first year from this SPA, USD$5,000,000 (USD Five Million) in the second year from this SPA, USD$12,000,000 (USD Twelve Million) in the third year from this SPA, and a commitment of USD$12,000,000 (USD Twelve Million) and projected purchase of USD$20,000,000 (USD Twenty Million) in the fourth year of this SPA;
   
● Create a unique brand co-owned by KBLB and MK for the fashion market (SpydaSilk);
   
● Support the pre-competitive research, translation of research, and activities in priority areas that align with KBLB strategies, working with other organisations where appropriate; and
   
● Act mutually as advocates for commercial product research when interacting with decision-makers and other stakeholders.

 

4. The Working Relationship

 

Specific activities developed through this working relationship for the SpydaSilk brand and related activities will be detailed in Annex C that will be appended to this SPA as and when KBLB and MK agree to initiate joint activities. The implementation, management and control mechanisms for each activity will be defined in Annex C. This will include the scope of the activity, the type of activity, joint financial and resourcing arrangements, timescales, management, impact plan, peer review procedures, monitoring and evaluation processes.

 

Activities may include, but are not limited to:

 

● sharing and development of relevant strategies,
   
● mapping connections and priorities,
   
● events display of collaboration branding for marketing,
   
● events such as workshops/networking meetings/problem clinics to explore the research base in areas of interest to KBLB,

 

Page 3 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

● people exchange,
   
● market research syntheses to provide the evidence for KBLB decision-makers,
   
● funding for collaborative projects to translate KBLB science into commercial products,
   
● identification of opportunities for mutual use of facilities,
   
● evaluating the benefit of collaboration, and
   
● introductions to third parties that can assist in defining and scoping areas of interest to KBLB.

 

5. Management of the Partnership

 

The partnership will be managed through a Steering Board which will meet twice per annum.The Steering Board will review the collaborative activities in Annex D and agree new activities based on the alignment of strategy and objectives, levels of engagement and commitment between the Parties, communications, forthcoming opportunities.

 

6. Intellectual Property and Data

 

As part of any collaboration, intellectual property will be handled on a case-by-case basis, with the following basic governing principles:

 

● Background IP for the Spidersilk technology will remain a 100% KBLB ownership share;
   
● The ownership of Foreground IP SpydaSilk brand logo will remain a [******] KBLB and [******] MK ownership  share. Through which licensing arrangements may be entered into as part of any project or programme and profits shared according to the share percentage of the Brand IP;
   
● Licence conditions for foreground IP would be anticipated to allow the research organisation and KBLB to develop opportunities arising from its development.

 

7. Brand Protection

 

This paragraph is legally binding. KBLB and MK require that any SPA should protect the SpydaSilk brand and its use. Accordingly, the attached Annex B shall apply to this SPA.

 

Page 4 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

8. Exclusivity

 

KBLB shall grant to the joint venture and SpydaSilk brand an exclusive geographic license to all KBLB technologies for the Association of Southeast Asian Nations (ASEAN). These countries include; Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

 

9. Commencement, duration and termination

 

The effective commencement date of this working relationship will be the date of the signing of this SPA and the working relationship shall remain in force for a period of 60 months from the commencement date.

 

Upon commencement, and as consideration for its ownership position in the SpydaSilk brand and Joint Venture, KBLB shall issue 1,000,000 share of KBLB stock to MK.

 

Upon commencement, and as consideration for the exclusive sales agreement, MK will issue to KBLB a prepayment of $250,000 to be credited to the first shipment of spidersilk thread.

 

The working relationship can be terminated at any time by any Party following a consultation period of 120 (one hundred and twenty) calendar days or such period as agreed otherwise between the parties and thereafter giving 60 (sixty) calendar days written notice of termination to the other Party. In such circumstances, MK will prepare an up to date statement of account if applicable. If applicable, and in accordance with this statement of account, the terminating Party will honour its share of committed expenditure. MK will repay to KBLB any unused SpydaSilk brand funds.

 

The working relationship will not be automatically renewed and will be reviewed before the end date with a view to assessing delivery against the objectives set out in this SPA and whether a renewed working relationship aligns with the strategies and objectives of the Parties.

 

Page 5 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

10. Points of contact

 

KBLB:

 

Kraig Biocraft Laboratories, Inc.

Attn: Mr Jon Rice, COO

Address: 2723 South State Street Suite 150Ann Arbor, Michigan 48104

Tel: [******]

Email:[******]

 

MK:

 

M The Movement Kings Pte Ltd c/o Kings Global Consultants P/L.

Attn: Mr Walter Wee, Director (Operations)

Address: NORDCOM TWO, 2 Gambas Crescent, #06-10, Singapore 757044

Tel: [******]

Email: [******]

 

11. Signatures and Approval by all parties involved to the terms in this SPA

 

Approved and signed for on behalf of KBLB (USA) by:

 

Name: Jon Rice  
Title: COO  
Date: November 23, 2020  

 

Approved and signed for on behalf of MK by:

 

Name: Walter Wee H G  
Title: Director (Operations)  
Date: November 23, 2020  

 

Approved and signed for on behalf of Kings Global Consultants by:

 

Name: [******]  
Title: CEO  
Date: November 23, 2020  

 

Approved and signed for on behalf of Kings Group by:

 

Name: [******]  
Title: Director Kings Defence Technologies PTE LTD  
Date:    

 

Page 6 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

ANNEX A

 

Background of Spidersilk Technology by KBLB:

 

(See attached)

 

Page 7 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

ANNEX B

 

Background of Mthemovement Kings Pte Ltd

 

(See attached)

 

Page 8 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

ANNEX C

 

Brand Protection

 

1. Definitions

 

“Trade Marks” means the trade marks (whether unregistered or the Registered Marks) of KBLB;

 

“Registered Marks” means the following Trade Marks:

 

Territory Trade Marks

 

Registration number

 

Class Date of filing

 

Status

 

2. Use of the Trademarks

 

2.1 MK shall not be entitled to use the Trade Marks for any purpose or in any medium or form without the prior written approval of KBLB. MK shall submit any material containing the Trade Marks to be used in relation to the Agreement to the KBLB Management for express written approval at least fourteen (14) days prior to any such material being used or published.

 

2.2 MK shall only use the Trade Marks as directed from time to time by KBLB in writing and shall observe any instructions given by KBLB (including as to colours and size of representations), and shall not use the Trade Marks in any way which would tend to allow them to become generic, lose their distinctiveness, become liable to mislead the public, or be materially detrimental to or inconsistent with the good name, goodwill, reputation and image of KBLB.

 

2.3 MK acknowledges that the backgound Trade Marks are the property of KBLB and shall indicate that the Trade Marks are the property of KBLB by accompanying the use of the Trade Marks with wording and clear marking of the TM sign in the case of unregistered marks and in the case of the Registered Marks.

 

2.4 KBLB shall not obtain or claim any right; title or interest in or to the Trade Marks except as specifically set out in this Agreement and agrees that the benefit of all such use shall accrue to KBLB. If any goodwill or other rights accrue to MK, MK shall hold all such goodwill and other rights on trust for KBLB and shall execute such assignments of such goodwill and other rights to KBLB (or its nominee) as KBLB may direct.

 

2.5 MK shall not adopt or use any trade marks, symbol or device which incorporates or is confusingly similar to, the Trade Marks. MK shall not at any time, whether during or after termination of this Agreement, apply anywhere in the world to register any trade marks identical to or resembling the Trade Marks.

 

2.6 MK shall not at any time, whether during or after termination of this Agreement, use the Trade Marks as part of any corporate business or trading name or style of MK.

 

Page 9 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

ANNEX D

 

Year 1 Partnership Plan

 

1. Introduction

 

This Strategic Partnership Agreement signed on November 23, 2020 between the KBLB and MK outlines our intentions to work strategically together. KBLB and MK have agreed to work together in a long-term relationship to understand specific business strategies, interests and needs more deeply; to accelerate and deliver impact by translating KBLB existing science into real-world applications and solutions; and, to contribute to the identification of priorities for new strategic research.

 

The Strategic Partnership Plan guides the investment and commitment of both KBLB and MK on an annual basis. It outlines a planned programme of activity driven by the needs, issues and challenges agreed by the Partnership Steering Board.

 

The Partnership Plan sets out the activities that will be delivered in the year commencing 2020, the expected timescales for this and any financial or other contribution from both KBLB and MK.

 

The Steering Board will review the collaborative activities and agree new activities based on the alignment of strategy and objectives, levels of engagement and commitment between the Parties, communications, and forthcoming opportunities.

 

2. Thematic Areas

 

Section 2 outlines the thematic areas of mutual interest to KBLB and MK. It is expected that all collaborative activities will draw upon one or more of these thematic areas, which fall under an overarching objective of providing product design, production and logistics supply chains with robust decision support tools.

 

i) Fashion Industry

 

ii) Medical Industry (Aesthetics)

 

iii) [******]

 

Page 10 of 11

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

Principles for the Strategic Partnership:

 

1. Strategic: activities funded will clearly meet strategic interests of both partners

 

2. Translation-focused: primarily, activities will focus on translation of existing research

 

3. Impact driven: partnerships will be focused to deliver on the impact agenda for KBLB and allow the partnership to capture impact ‘stories’ from engagement

 

4. Openness: any funding will be allocated to projects through open call and not favouring any particular individual or funding institution.

 

Objectives

 

● To gain a deeper understanding of KBLB science and the markets outreach and branding capabilities of MK.

 

● To measure and quantify the services provided by MK.

 

● Outputs/outcomes.
   
● Inform future innovation projects with KBLB.

 

When

 

● Announcement of Opportunity development: from November 2020

 

How

 

● TBD
   
● Project funding will be by Expression of Interest (EOI) and invitation to submit full proposal through MK.

 

● Duration: EOI live for 6 weeks; applicants submit full proposal; invite to interview (interviewed by Steering Board).

 

How much

 

● MK will raise USD$2mil – USD$5mil for investments of brand development.
   
● MK to seek financing for up to USD$50,000,000/- material purchase and sales.

 

Management

 

● TBD

 

Project partners.

 

● TBD

 

Monitoring and Evaluation

 

● Ex-post evaluation

 

● Monitoring TBA

 

This timetable is intended to aid Parties in the allocation of resources and forecasting expenditure over the course of the year.

 

Activity 2020/2021

 

Page 11 of 11

 

 

Exhibit 10.2

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

   

 

 

Amendment to Strategic Partnership Agreement Dated November 23, 2020

 

The parties to the strategic partnership agreement dated November 23, 2020, Mthemovement Kings Pte Ltd and Kraig Biocraft Laboratories, Inc., for good and valuable consideration, with sufficiency and adequacy of which is hereby acknowledged agree to the following amendment to the strategic partnership agreement.

 

The parties hereby agree that clause 9 shall be deleted in its entirety and be replace with the following new clause 9 as follows:

 

9. Commencement, duration and termination

 

The effective commencement date of this working relationship will be the date of the signing of this SPA and the working relationship shall remain in force for a period of 60 months from the commencement date.

 

Upon commencement, and as consideration for its ownership position in the SpydaSilk brand and Joint Venture, KBLB shall issue 1,000,000 share of KBLB stock to MK.

 

Page 1 of 2

 

 

**CERTAIN INFORMATION, MARKED BY [******], HAS BEEN EXCLUDED BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.**

 

Upon commencement, and as consideration for the exclusive sales agreement, MK will issue to KBLB a prepayment of $250,000 to be credited to the first shipment of spidersilk thread.

 

The working relationship can be terminated at any time by mutual agreement of the Parties following a consultation period of 120 (one hundred and twenty) calendar days or such period as agreed otherwise between the parties. In such circumstances, MK will prepare an up to date statement of account if applicable. If applicable, and in accordance with this statement of account, the Parties will honour their share of committed expenditure. MK will repay to KBLB any unused SpydaSilk brand funds.

 

The working relationship will not be automatically renewed and will be reviewed before the end date with a view to assessing delivery against the objectives set out in this SPA and whether a renewed working relationship aligns with the strategies and objectives of the Parties.

 

Approved and signed for on behalf of KBLB (USA) by:

 

Name: Jon Rice  
Title: COO  
Date: December 7, 2020  

 

Approved and signed for on behalf of MK by:

 

Name: Walter Wee H G  
Title: Director (Operations)  
Date:    

 

Approved and signed for on behalf of Kings Global Consultants by:

 

Name: [******]  
Title: CEO  
Date:    

 

Approved and signed for on behalf of Kings Group by:

 

Name: [******]  
Title: Director Kings Defence Technologies PTE LTD  
Date:    

 

Page 2 of 2

 

 

Exhibit 99.1

 

Kraig Biocraft Laboratories and MtheMovement by Kings Group sign Exclusive Purchase and Sales Agreement for up to potentially $40 million

 

Kraig Labs and Kings Group to jointly own SpydaSilk™ apparel brand, Joint Venture is the first large-scale Spider Silk Commercialization Agreement

 

ANN ARBOR, Mich., – January 26, 2021– 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.

 

“SpydaSilk’s mission is to create high-impact products and technologies, so partnering with Kings Group, which we believe has strong product development expertise and intense understanding of ASEAN market, is a powerful combination that we believe will drive SpydaSilk’s sales and innovation,” said Kim Thompson, Kraig Labs’ founder and CEO. “Kraig Labs has always been proud to maintain our vanguard position in the spider silk space; this agreement strengthens our leadership role with a partner who shares our vision and places Kraig Labs and Kings Group on the best path for success. Spider silk is among the strongest fibers produced in nature, and the agreement represents the world’s first large-scale commitment to purchase spider silk fibers”

 

The new SpydaSilk alliance combines the strengths of both companies and calls on Kraig Labs to provide fibers and materials expertise, while Kings Group will lead the marketing, sales, and distribution. The two companies will work together to increase Kraig Labs’ product development agility and production scalability.

 

 
 

 

Under this collaboration, Kraig Labs and Kings Group believe that the material will not only be applied to apparel; the joint venture is also exploring uses to enhance other industries such as building construction and medical industries.

 

“Kings Group is dedicated to helping unleash the benefits of spider silk and this bold enterprise, the unveiling of the SpydaSilkTM joint venture, significantly accelerates that goal. We believe that we will help improve the world through innovation to drive profitable growth, reduce emissions, enhance customer loyalty, and create long-term shareholder value,” said Mr. Walter Wee, Chief Investment Officer of Kings Group. “In researching various spider silk technologies, we came to the conclusion that Kraig Labs is the leader. Our agreement with Kraig Labs represents the first large-scale commitment to spider silk commercialization and we could not be happier to begin this part of our SpydaSilk™ journey.”

 

To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to www.KraigLabs.com/news.

 

About Kings Group and MtheMovement:

 

Kings Group is headquartered in Singapore and established regional offices in Indonesia and Vietnam. They have associate companies spread throughout Asia that have a dynamic synergy for maximizing resources and outreach to a huge consumer market. Kings Group is a forerunner in International Marketing and Innovative Product Trading; they specialize in bridging domestic businesses and projecting their products internationally.

 

For further information, please visit www.kings.com.sg, www.kingsglobalconsultants.com

 

MtheMovement is Kings Group’s premiere eco-friendly luxury streetwear line, for the past 20 years, they have been the leaders of fashion trends and have consulted designs with branding for many renowned corporates. Their Chief Creative Officer has also dressed many of the Grammy and Emmy Awards participants and famous international fashion celebrities.

 

For more information, please visit www.mthemovement.com

 

About Kraig Biocraft Laboratories, Inc.:

 

Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.

 

Cautionary Statement Regarding Forward Looking Information

 

Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include future sales of SpydaSilk™ and descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

 

Ben Hansel, Hansel Capital, LLC

(720) 288-8495

ir@KraigLabs.com