Kraig Biocraft will pay staff—except CEO

ANN ARBOR—Kraig Biocraft Laboratories Inc. (OTC: KBLB), the Ann Arbor-based developer of novel fibers using genetically engineered silkworms, announced that the company would keep its entire staff on the payroll, while CEO and founder Kim Thompson foregoes pay.

Company officials said in a statement the decision was made “to confirm the company’s commitment to its staff and to provide support for all of our team members as the coronavirus pandemic continues to impact the globe.” The company recently furloughed some staff to limit the spread of COVID-19, and they’ll be included in this decision.

“Kraig Labs is in one of the strongest positions we’ve ever been in, so we are ready to weather the impacts of COVID-19 and come out on the other side stronger,” Thompson said. “Our teams in the U.S. and Vietnam are the heart of our company, and we are committed to keeping those teams strong and ready. Advancements in our commercialization efforts give me confidence that the future for Kraig Labs is brighter than it has ever been.”

Company officials announced that at 4:30 p.m. Eastern time April 16, they will announce a “significant scientific breakthrough” in its technology. The news conference will be available at www.kblinvestors.com.

Kraig has produced silkworms with spider genes spliced into their genome, which allows them to spin cocoons of silk fibers that have some of the superior strength, resilience and flexibility properties of spiderweb fibers—lighter and stronger than steel. The fibers are being developed for super-strong fabrics for the military and other uses, as well as for structural materials.

More at https://www.kraiglabs.com/spider-silk/.

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