Kraig Biocraft Laboratories Files 3rd Quarter Financial Statement Reflecting a Fifty Percent Reduction in Total Corporate Liabil
November 18 2010 - 6:05AM
Marketwired
Kraig Biocraft Laboratories, Inc. (PINKSHEETS: KBLB) announces that
the Company has submitted its 10Q filing for the third quarter of
2010.
The Company's financial statements reflect more than a fifty
percent reduction in total corporate liabilities in comparison to
both the second quarter of 2010 and the 2009 end of year figures.
At the end of this year's second quarter and at the end of 2009,
corporate liabilities totaled approximately $3.2 million. The
financial statements filed today reflect total liabilities of
approximately $1.465 million as of September 30, 2010.
"The reduction of our liabilities and the strengthening of our
balance sheet has been a focus of management's attention, as we
move to commercialize our laboratory discoveries," said Kim
Thompson, Kraig Biocraft Laboratories' CEO and founder. "We view it
as a critical component for positioning ourselves for upcoming
events and most particularly as we seek corporate alliances to
accelerate the entry of our products into the marketplace."
"In order to contribute to that effort, among other things, I
have surrendered most of my unpaid back salary to the Company,
along with the beneficial conversion features which would have
allowed me to covert that debt to stock on favorable terms,"
continued Thompson. "That action, along with other actions we have
taken over the last several months have, in my opinion,
significantly improved the Company's financial position and have
made us a potentially more attractive partner as we seek out new
relationships in both the biotechnology and textiles
industries."
In exchange for the surrendering of back salary, beneficial
conversion rights and certain other debts, including the right to
certain mile stone payments, the Company will issue to Thompson
preferred stock bearing extra voting rights. These shares will not
be entitled to any dividends or interest payments whatsoever.
To learn more about the Company's recent commercial and
scientific breakthroughs please visit www.KraigLabs.com.
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," "hopes," "develops," "researching," "research,"
"potential," "could" or other words or phrases of similar import.
Similarly, statements in this release that describe the Company's
business strategy, outlook, objectives, plans, intentions or goals
should all be considered forward-looking statements. 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. Management cautions that
its ability to further its research, and create commercially-viable
products may be affected by the competitive environment, the
Company's financial condition and its ability to raise sufficient
capital to meet the financial obligations of its business plan and
to fund its continuing operations.
Contact: Ben Hansel (720) 288-8495 Email Contact
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