Kraig holds first BoD meeting with new members

19 May '20

2 min read

Pic: Kraig Biocraft

Kraig Biocraft has announced that its board of directors held its first meeting with its four new members-elect in attendance. During the meeting, management briefed the board on the company’s plans for 2020 expansion. The scheduled increases in spider silk production for 2020 and the role of the new ‘knock-in/knock-out’ technology were also discussed.

The company’s expansion of its board of directors is intended to strengthen its corporate governance and to directly address the requirements for listing on a national exchange. The new members-elect are expected to be formally nominated and seated as voting members within the next sixty days. The expanded board brings a wealth of experience in international manufacturing operations, corporate finance, and accounting. The board will help the company navigate what management expects to be a period of significant growth, according to a press release by the company.

“The Kraig Labs board of directors is being expanded, with three independent directors and with the appointment of Jon Rice, the company’s COO, to satisfy the governance criteria for listing on a national exchange. This very positive upgrade in our corporate governance has been part of our growth plan since our last shareholder meeting, in 2019. As the company grows, so should the level of oversight,” chairman and CEO, Kim Thompson said.

“Our first meeting with the expanded board was very productive, including discussions of specific committee appointments. The new members were selected for the unique strengths that each brings to our operations, as we work to significantly expand our production. Our management team is looking forward to the formal appointment of these new members, in the very near future, and I want to thank each of them for their work and enthusiasm,” Thompson said.

Fibre2Fashion News Desk (GK)

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