London-listed Tekcapital (AIM:TEK) detailed an agreement made between its portfolio company, Salarius, and food ingredient broker, Accurate Ingredients, to market Microsalt® in the United States.
The intellectual property investment company said on Thursday that it had brought in Accurate Ingredients to help sell the proprietary salt product made with approximately 50% less sodium.
Salarius, of which Tekcapital holds a 97.5% stake in, has cultivated a low-sodium salt solution as a healthier alternative that ‘doesn’t compromise’ on flavour.
Tekcapital explained the agreement compliments existing sale strategies and that over 20 potential customers were already in the process of testing and evaluating the applicability of Microsalt® on their products.
Victor Hugo Manzanilla, CEO of Salarius said that the two parties would be working together “in several geographical areas” across the United States to raise the profile of the product.
Shares in Tekcapital were trading 4.65% higher at 5.625p on Thursday morning.
"For over three decades, Accurate ingredients has been a primary resource for proven and reliable food ingredients, and we are pleased to be working with them,” he added.
Tekcapital hailed the national ingredient broker as an appropriate partner who can offer to the company an established network of specialist sales representatives across the US, with offices reaching from both east to west.
Dr Clifford Gross, Executive Chairman at Tekcapital expressed his delight at the news and the group’s efforts to expand further into the low sodium ingredient market which is estimated to reach US$1.76 billion by 2025.
"We are glad to see the expansion of Salarius' go to market effort to several important geographical markets in the United States with its first national food ingredient broker,” he said.
In a bigger picture, the ‘highly competitive’ global savoury snacks market is expected to reach US$108 billion by 2021.
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