"Both parties acknowledge the potential of working together to develop and promote recombinant spider silk related textiles and product applications," continued Mr. Chandler. "I believe the signing of the MOU between our companies marks a starting point for the development of significant markets for spider silk technologies. We are excited to be at the ground floor as we work together with Kraig to develop and grow this market segment. This new relationship demonstrates SSM Industries commitment to unlocking markets and developing innovative solutions that benefit our world and satisfy global demand."
The parties caution that while the MOU is a major step toward a binding agreement, it should not be relied upon as a guarantee that a binding agreement will be completed.
Kraig Biocraft Laboratories is in discussions with other companies to complete a consortium to drive the penetration of its recombinant spider silks into global markets.
About Kraig Biocraft Laboratories
Kraig Biocraft Laboratories, Inc. (
) is a fully reporting biotechnology company that has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
About SSM Industries
SSM Industries Inc. (
), based in Spring City, TN, is a full service safety and protective fabric manufacturer that manufactures flame resistant, cut resistant, and thermal fabrics.
SSM has established itself as an innovator in technical textiles and performs in-house yarn spinning, knitting, weaving, dyeing and finishing. The company produces products that are used by the U.S. military, the auto racing industry, firefighters, first responders, and industrial applications where materials with strength and protective properties are required. Internal research and development and an in-house Military certified lab to test the finished fabrics complement SSM's vast technical textile capabilities.
Cautionary Statement Regarding Forward Looking Information
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," "estimated," "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.