Tekcapital’s MicroSalt® executes first bulk order with Mexican partner
(TEK says MicroSalt, a low-sodium salt developed and manufactured by its subsidiary company, Salarius, has executed its first bulk order through its Mexican distribution partner.
The UK intellectual property investment group which owns 97.2% of the share capital of Salarius Ltd. and approximately 76% of the share capital of MicroSalt said MicroSalt has executed its first bulk MicroSalt® order through FXM, its Mexican based distribution partner.
MicroSalt develops a low-sodium salt called MicroSalt®. Its distinguishing feature is its small salt particles-- about one hundred times smaller than typical table salt-- that use a large surface area-to-volume ratio to generate a salty taste while using significantly less salt.
The particles of MicroSalt®, which is non-GMO and Kosher, are around 100 times smaller than table salt, allowing them to rapidly dissolve, producing a large sensation of saltiness.
Rick Guiney, MicroSalt’s CEO, said the bulk order is a testament to the timeliness of the company’s products and its ability to customise its production for the Mexican market.
He said today’s order follows on the heels of the placement of MicroSalt’s SaltMe® brand of low sodium potato chips into over 1,350 retail stores nationwide. To date, the company said its total reported sales of MicroSalts’s SaltMe Chips have reflected “significant growth” to $125,000 in January 2022 vs. $3,000. for January 2021, an approximately 40-fold increase.
“Whilst it’s too early to place a firm number of estimated revenues for our chips in 2022 we believe that we may see significant sales growth in the current year,” Guiney commented.
Addressing shareholders, Guiney said health issues surrounding the excess consumption of sodium “cannot be overstated” and “the ever-increasing profile of low salt and sodium products serves not only as a launching pad for MicroSalt but acts as a foundational tool in our fight to improve the health and wellness of our family, friends, neighbours and the world.”
According to a recent report published by Coherent Market Insights, the global sodium reduction ingredient market is projected to reach around US$ 2158.7m by the end of 2027, in terms of revenue, growing at a CAGR of 12.2% during the forecast period (2020-2027).
Earlier this month, Tekcapital confirmed to investors that MicroSalt had achieved its goal of $750,000 as part of the company’s oversubscribed Reg CF crowdfund. As a result, the most recent current post-money valuation of MicroSalt Inc. comes to around U.S. $5.75 million.
Earlier this year, MicroSalt announced that it had been accepted to commence a roll-out of its SaltMe! crisps in Kroger Company, one of the largest supermarket chains in North America.
At the time of the announcement, MicroSalt told investors that the SaltMe! crisps would be available in more than 800 of these stores by 2022. That number is now set to grow from 800 stores to 1,800 stores. The roll-out is expected to commence next year in February 2022.
In December 2021, MicroSalt said it was set to expand its multi-state roll-out of its SaltMe! Crisps from 800 to 1,800 stores of Kroger Company, the US’ largest supermarket by revenue.
In October 2021, shares in Tekcapital jumped after the company acknowledged a decision made by the U.S. Food and Drug Administration (FDA) to release voluntary sodium reduction goals for the food industry in what it described as “a major milestone” for the United States.
The new set of voluntary sodium reduction goals for the food industry will “provide measurable voluntary short-term (2.5-year) goals for sodium content in commercially processed, packaged, and prepared foods to reduce excess population sodium intake.”
Specifically, the goals were delivered by acting FDA Commissioner Janet Woodcock and Susan T. Mayne, Director of the FDA’s Center for Food Safety and Applied Nutrition.
Dr. Jennifer Ashton, Chief Medical Correspondent of broadcast network ABC News said the news “could be the biggest, most important intervention in a generation for public health.”
Tekcapital considers the decision from the regulatory body as ‘a significant milestone’ for its subsidiary company, Salarius, as it believes the new set of US FDA guidelines will encourage snack food manufacturers to reduce the sodium levels in their products across the board.
Salarius anticipates that the sodium reduction goals should have a positive impact on both business-to-business (B2B) sales of MicroSalt® and retail sales of SaltMe! Crisps.
The company said it believes that MicroSalt® as a brand “could be viewed as a timely, nationwide solution, to help food companies meet these guidelines without sacrificing the full-flavour of their snack foods, which is key to their successful on-going sales.”
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