Kraig Biocraft Laboratories (OTCMKTS:KBLB) has announced on September 12, 2022 about contracting Jeff Dorton, a top textile expert to assist the company in developing new and innovative yarns and fabrics utilizing Dragon Silk.
Trading Data
On Monday, KBLB stock jumped 0.10% to $0.0520with 1.49 million shares, compared to volume of 1.22 million shares. The stock moved within a range of $0.0511 – 0.0590 after opening trade at $0.0520.
Kraig Biocraft Laboratories Engages Textile Expert to Develop New Innovative Yarns and Fabrics applications for Dragon Silk™
Mr. Dorton has years of experience in coming up with new innovations in textiles to create new and exciting composite yarns and fabrics utilizing spider silk. The initial customer will be Spydasilk Enterprises, which is Kraig Labs’ joint venture apparel brand, headquartered in Singapore. Not only does he have a passion for material development, but he has worked at some of the best textile mills globally. In fact, he has spearheaded some of the most disruptive innovations in next-generation textiles that permeate the performance wear segment.
COO Jon Rice is thrilled to have Mr. Dorton on board. His history as a textile expert will come in extremely handy while developing high-performance yarns and fabrics while the focus on sustainability and functional textiles, will also open up incredible opportunities.
After the launch of Spydasilk apparel, the company wishes to expand collaboration with Mr. Dorton to create several additional yarns and textiles, for applications spanning the performance and luxury textiles market and beyond. Mr. Dorton is presently working to drive the manufacture of the first spider silk fabrics.
Key Quote
“I have known Jeff since his time with The North Face, and I am thrilled to partner with him to create Kraig Labs’ first custom yarns and fabrics. Jeff is a highly regarded textile expert with a storied history of developing new textile technologies. He has directed key initiatives for some of the planet’s biggest brands, and we can’t wait to see what we can do together. While his ability to develop high-performance yarns and fabrics may be unmatched, we share Jeff’s passion for sustainability and textiles that are functional and desirable,” stated Company COO Jon Rice.
Technical Data
KBLB stock is below the 20-Day and 50-Day Moving averages of $0.0565 and $0.0599 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0727. The stock is down 30% over the past 6-month.
