(AIM: TEK ) said its portfolio company Salarius Ltd. has signed a distribution agreement with Gehring-Montgomery Inc, a leading national ingredient distributor.
The UK intellectual property investment group said the distribution agreement will expand business-to-business sales of its trademark Microsalt® product across the United States.
Gehring-Montgomery is a leading distributor of food and raw materials for commercial and industrial manufacturers across several industries, including food, across North America.
MicroSalt® is a proprietary, patented salt made with micron-size salt particles that deliver an increased sensation of saltiness with less salt, and as a result, around 50% less sodium.
Tekcapital said the partnership adds another dimension to the MicroSalt strategic sales plan including working with major sales partners to increase revenue and brand awareness.
This also includes ‘an aggressive B2B outreach initiative’ to source new customers, attendance at food trade shows such as Expo West and Supply Side West (COVID-19 permitting), as well as securing customer opportunities outside of the United States.
Shares in Tekcapital have recovered from lows of 5.5p in April 2020 and open today 15% up at 11.5p.
"We are extremely energized about our partnership with Gehring-Montgomery and working closely with their team of sales experts to increase brand awareness and accelerate sales of Microsalt®,” said Victor Hugo Manzanilla, CEO of Salarius.
He added, “Our partnership is a win-win-win as we are offering their customers a unique, on-trend, innovative ingredient that will also help consumers lower their sodium intake.”
"Our partnership with Salarius complements our overall U.S. strategy offering, providing a highly innovative specialty, such as ‘Microsalt’, a cutting-edge ingredient, allowing consumers to lower their sodium intake yet maintain the product's full flavor,” said Mark Bitting, President and Managing Director of Gehring Montgomery.
He added, “This meets the challenges of the general public's demand for ground-breaking, healthy alternatives that result in sodium reduction formulation.”
The highly competitive global savory snacks market is expected to reach US$108 billion by 20211, and the low sodium ingredient market is estimated to reach US$1.76 billion by 2025 with a CAGR 11.7%2. Tekcapital said MicroSalt® is a food ingredient ‘whose time has come.’
Tekcapital currently owns 91.7% of the share capital of Salarius
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