Tekcapital (AIM:TEK) , the UK intellectual property group, said that its portfolio company, Salarius, of which the company owns 91.7% interest in, has signed a North American distribution deal for its new SaltMe!® snack line.
The London-listed firm told investors on Monday that an agreement had been reached with one of North America’s largest natural food wholesalers which operates multiple distribution centres in the US and Canada.
Tekcapital said the agreement represents an important milestone for Salarius' new potato chip snack line and will enable an ‘unprecedented reach’ of SaltMe!® products into consumer outlets of every size in North America.
Shares in Tekcapital were trading 12.5% higher at 4.5p during Monday trading.
The company noted that purchase orders and shipping of the product are expected to commence in the second quarter of 2020 to multiple distribution centers for all four flavour crisps being launched by the company.
We are very excited about on-boarding a leading food distributor which we believe will enable us to build and maintain market traction for our new SaltMe!® full flavor- low sodium snacks." says Victor Hugo Manzanilla, CEO of Salarius.
SaltMe!® are an all natural potato crisp product made with MicroSalt®, Salarius' proprietary salt with micron-size salt particles which contain approximately 50% less sodium than regular salt.
According to market research, the global savory snacks market is expected to reach a value of US$108 billion by 2021.
“This is a terrific milestone for the Company and underscores our core belief that when you combine vibrant intellectual property with star-power management, exciting things can happen,” added Clifford Gross, Executive Chairman at Tekcapital.
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