Kraig Biocraft Laboratories, Inc. has announced its preparation of a second business investment application in Vietnam, marking a significant step in the expansion of its operations.
This forthcoming license application aligns with the company's recent memorandum of understanding with the Lam Dong Agro-Forestry Research and Experiment Center ("LAREC") and the Vietnam Sericulture Association ("VSA"). Through this collaboration, Kraig Labs aims to propel sericulture in Vietnam by leveraging its proprietary silk technology alongside the expertise of LAREC and VSA.
The investment license will facilitate the establishment of Prodigy Silk, a new wholly-owned subsidiary headquartered in Kraig Labs' recently disclosed facility in Lam Dong Province. This facility will serve as the operational hub for spring production trials, with renovations already underway for its full functionality in time for the trials.
Founder and CEO Kim Thompson expressed the significance of this strategic move, highlighting the company's consistent adherence to its business plan over the past two quarters. The management remains resolute in its commitment to executing its 2024 production plan for recombinant spider silk, underlining a proactive approach towards achieving its goals.
