(Alliance News) - Shares in Tekcapital PLC soared on Wednesday as it said investee Salarius has signed a distribution agreement with Gehring-Montgomery Inc to expand business-to-business sales of Microsalt across the US.
MicroSalt is a low-sodium salt developed and manufactured by Salarius. Tekcapital holds a 92% stake in Salarius.
The Oxford-based intellectual property investor said the agreement between Salarius and the ingredient distributor adds another dimension to the MicroSalt strategic sales plan which includes working with best in class sales partners to increase revenue and brand awareness and an "aggressive" B2B outreach initiative to source new customers.
"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. 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," said Salarius Chief Executive Victor Manzanilla.
Shares in Tekcapital were trading 35% higher at 13.48 pence each on Wednesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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TekCapital (TEK)