Kraig Biocraft Laboratories Inc (OTCMKTS:KBLB) is seeing a bit of buying pressure in early morning session on Monday.
Market Reaction:
As of 10:52, KBLB stock moved up 4% to $0.1245 with more than 445K shares, compared to its average volume of 1.02 million shares. The stock has moved within a range of $0.1220 – 0.1320 after opening the trade at $0.1237.
Major Trigger:
Kraig Biocraft Laboratories Transfers Onsite Testing and Screening of Transgenics Technology to its Prodigy subsidiary
Key Highlights:
- announces the transfer of its onsite testing and screening of transgenics technology to Prodigy Textiles, the Company’s Vietnam based subsidiary.
- The Company made the significant decision to transfer testing and screening technologies from its R&D headquarters in the US to its factory in Vietnam. This testing equipment allows for precise screening and selection of the transgenics’ key genetic traits, which are currently conducted exclusively at the Company’s US headquarters.
- Implementing this testing onsite eliminates the delay caused by transferring samples between the US and Vietnam and further strengthens the Company’s continued production operations against future challenges related to travel restrictions. This new laboratory equipment is in addition to the recently reported production automation equipment that is being installed at the same facility.
- This new testing capability will also support the Company’s development program to produce new disease-resistant strains of silkworms. These new disease-resistant lines of silkworms are intended for licensing into the global market for mundane silks to combat pathogenic virus and fungi that account for the loss of approximately 20% of the typical global annual silk production.
Key Quote from
“This move will dramatically increase our production efficiency and reduce costs of operations. The labs at Prodigy will be fully equipped to conduct all material performance and genetic screening in real-time. This technology transfer, coupled with the investment in equipment and staffing, will speed up our commercial production ramp-up while eliminating a log jam in operations and is expected to be online within 60 days. Simultaneously, our US R&D team will be freed to focus its attention on bringing next-generation transgenics and materials to market,” said COO Jon Rice.
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