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Tekcapital’s MicroSalt® to receive a $0.4m equity investment

11:24, 30th May 2022
Francesca Morgan
Vox Newswire

Tekcapital (TEK) said MicroSalt, Inc., the U.S. operating subsidiary of Salarius, will receive an equity investment of US$400,000 from Spanish venture fund Tech Transfer Agrifood F.C.R.

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.

Commenting on this morning’s announcement, Rick Guiney, CEO of MicroSalt, Inc stated: "We are enthusiastic to receive this new investment which coincides with multiple project initiatives currently underway that require significant scale-up of MicroSalt production.”

Following this transaction, London-listed Tekcapital now owns 97.2% of the share capital of Salarius Ltd. and 5,260,291 shares - that’s 73% - of MicroSalt Inc. its U.S. subsidiary. 

The private placement was made at a price of US$1.29 per share - that’s a 29% uplift over MicroSalt's previous funding round. The post-money valuation of MicroSalt is US$9.27m.

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Last month, Tekcapital informed investors that MicroSalt had completed its roll-out of the SaltMe! Crisps range to Kroger Company, the largest supermarket in the US by revenue.

The roll-out was expanded from 1,800 stores to 2,200 stores and combined with other store locations, meaning SaltMe! crisps can now be found in over 2,400 stores across the country.

MicroSalt said it has been able to accomplish “remarkable” retail growth whilst growing its ecommerce sales and achieving significant sales growth through Amazon at the same time.

In January 2022, MicroSalts reported $125,000 in sales of its SaltMe Chips, a significant figure when compared to $3,000. for January 2021 and an approximately 40-fold increase.

Whilst the company said it is too early to place a firm number of estimated revenues for our chips in 2022, it believes it will see significant sales growth in the financial current year.

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).

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