Tekcapital's MicroSalt executes first bulk B2B order in US, continues expansion

Victor Parker
Vox Newswire
10:28, 4th July 2022

Tekcapital (TEK Follow | TEK) issued an update this morning on MicroSalt, the US operating subsidiary of Salarius, one of Tekcapital's holdings, which announced today it had executed its first bulk B2B MicroSalt order in the US. The intellectual property investment group owns 97.2% of Salarius and 73% of MicroSalt.

Microsalt is an all-natural, non-GMO salt that contains approximately half the sodium content of regular table salt, using an advanced process that results in the same perceived taste at half the sodium content. The company aims to tackle the issue of excessive sodium consumption and related health issues, in a growing market for low-sodium products.

MicroSalt 

Rick Guiney, MicroSalt CEO, commented: "This large initial order is a testament to the timeliness and flexibility of our products. Not only are we able to provide a low sodium solution at scale, but we also deliver a highly functional product that allows processors to eliminate several internal procedures. Interest is also very high for bulk B2B MicroSalt sales internationally."

MicroSalt's product is found in its own SaltMe brand of low-sodium potato chips, now available in over 3,000 retail stores in the US, up from 2,400 the previous quarter. SaltMe was also featured in a segment on healthy snacks aired on ABC News 4 Charleston in South Carolina, and is seeing significant growth in online sales and related social media engagements.

Successful marketing efforts resulted in MicroSalt's attendance at seven industry trade shows, and the company is now test marketing MicroSalt salt shakers for food service, dining establishments, or retail sale, with a further update on a wide roll-out to follow.

The company also raised the possibility of a potential future listing in London. Dr. Clifford Gross, Executive Chairman of Tekcapital said: "Based on the rapid progress of MicroSalt and the global opportunity to convert their patented, first-mover advantage into a potentially significant position in the low-sodium salt market, we are considering a listing of MicroSalt on the London market in 2023"

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Tekcapital has been in the news over the last few months, updating markets on performance milestones. At the end of May, it raised $0.4m from a Spanish venture fund for MicroSalt having previously raised £2m to accelerate its portfolio growth a few days earlier. 

Earlier in May, the company delivered its FY21 update. It said net assets had increased 108% to a record $68.1m, lifting NAV per share by 37%. It generated total income of $29.2m, up 243% YoY, while profit after tax increased 243% to $26.4m. Operating cash outflow of $1.8m was bolstered by share placings totalling $9.4m during the period, resulting in a robust balance sheet with cash and cash equivalents of $3.5m at the period end.

The rest of Tekcapital's holdings, including Guident, Lucyd, and Belluscura, have all performed well. Click here and scroll down for summaries of their activities and recent performance. Tekcapital's technology bets and ability to develop them have been rewarded by investors so far, and today's news sent the  shares up a further 9.2%, giving a total gain of 32.5% over the last 12 months.

Stock Chart | TEK

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