The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
13 June 2019
Tekcapital Plc
("Tekcapital", the "Company" or "the Group")
Portfolio Company Update:
Salarius Secures & Delivers Follow-on Order for MicroSalt® and
Completes Test Production of SaltMeTM Potato Chip Snacks
Tekcapital Plc (AIM: TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from investing in university technology, is very pleased to announce that its portfolio company Salarius ltd. has secured & delivered a follow-on order for MicroSalt® for a U.S. snack food company and completed test production of its SaltMeTM potato chip snacks.
MicroSalt® is a proprietary salt made with micron-size salt particles that dissolve in the mouth significantly faster than regular salt, delivering an increased sensation of saltiness with much less salt, and as a result approximately 50% less sodium.
Salarius plans to introduce the SaltMeTM line of full-flavor, low-sodium chips later this year in four varieties: original, barbecue, sour cream & onion and cheddar & sour cream. Panel testing amongst salty snack buyers resulted in a weighted purchase intent of 27.75%, which is significantly higher than average new product initiatives.
High blood pressure is a key risk factor for developing heart disease. Consistent with this, the National Academies of Sciences, Engineering, and Medicine has recently recommended reduced sodium consumption guidelines1. MicroSalt® and SaltMeTM snacks can help food companies and consumers meet these new guidelines.
Market Information
The low sodium ingredient market is estimated to reach US$1.76 billion by 2025 with a CAGR 11.7%2. The highly competitive global savory snacks market is expected to reach US$108 billion by 20213.
Victor Hugo Manzanilla, CEO of Salarius said,
"We are very glad to announce the follow-on order for MicroSalt® and the successful test production of our new SaltMeTM chips. Consumers are aware of the need to eat healthier and select better-for-you options when available. MicroSalt® and SaltMeTM snacks will help consumers reduce sodium consumption whilst providing the great salty taste they enjoy. MicroSalt® is non-GMO and all natural. In addition, the small size of MicroSalt® provides better adhesion to the food surface, reducing the amount of salt that falls off products during transport and display, reducing waste and helping to ensure a consistent flavor profile."
Dr Clifford Gross, Executive Chairman at Tekcapital, commented: "We are delighted with Salarius' continued progress as a result of the terrific work of Victor Manzanilla their CEO, and his capable team. MicroSalt® has the potential to empower companies and consumers worldwide to enjoy full-flavour snacks with reduced sodium."
Tekcapital owns 97.5% of the share capital of Salarius ltd.
About Salarius ltd
Salarius, is the developer and manufacturer of a proprietary low sodium salt called MicroSalt®. Salarius is passionate about improving lives with healthier food and is taking the lead in the industry by providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one that delivers real salt flavor, because it is salt. The technology produces salt crystals that are approximately one hundred times smaller than typical table salt, delivering a powerful saltiness as the micro-grains dissolve in the mouth, with approximately 50% less sodium consumption. To learn more please visit https://salarius.co/.
About Tekcapital plc
Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
Tekcapital Plc |
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Via Yellow Jersey PR |
Clifford M. Gross, Ph.D. |
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finnCap Ltd (Nominated Adviser and Joint Broker) |
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+44 (0) 20 7220 0500 |
Geoff Nash/ Max Bullen-Smith (Corporate Finance) |
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Camille Gochez (ECM) |
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Novum Securities Limited (Joint Broker) |
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+44 (0) 20 7399 9427 |
Colin Rowbury (Corporate Broking) |
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Yellow Jersey Limited |
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+44 (0) 20 3004 9512 |
Tim Thompson / Annabel Atkins |
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[email protected] |
References
1 http://www8.nationalacademies.org/onpinews/newsitem.aspx?RecordID=25353
2 https://www.futuremarketinsights.com/reports/sodium-reduction-ingredient-market
3 https://zmrindustryjournal.us/8402/savory-snacks-market-size-share-expanding-across-the-globe-by-2016-2024/
This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving Salarius that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of Salarius' management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Salarius may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Salarius neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
