Last checked at 22 Mar 2023 07:00
22 March 2023
Tekcapital Plc
("Tekcapital" or the "Group")
Portfolio Company Update: MicroSalt, Ltd. ("MicroSalt")
Operational Update
Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products that can improve people's lives, is pleased to provide an operationalupdate from Microsalt Ltd ("Microsalt").
B2C Progress;
· SaltMe Crisps continue to be sold throughout the Kroger group. SaltMe Crisps are currently stocked in Kroger stores with efforts continuing to secure new store placements.
• As announced on 13 March 2023, Hanahreum Group ("H Mart"), one of the fastest growing retailers in United States has agreed to carry MicroSalt's SaltMe® branded crisps.
• Since launching in September 2022, MicroSalt Shakers are currently stocked in over 500 stores.
• AS announced on 06 February 2023, MicroSalt is currently working with US Salt LLC for in store sales of products across the US Salt system. US Salt LLC is a leading direct supplier of canister salt to the US retail industry.
E-commerce progress;
• First e-commerce sales of MicroSalt Shakers have been encouraging.
• E-commerce sales of SaltMe Crisps have also been increasing.
• Microsalt is preparing to launch its fourth flavour in a 1 oz size to compliment the current product offering and to create a better variety pack.
Medical Outreach campaign progress;
• Direct outreach with free 1 oz shakers samples for the medical community.
• Launched direct marketing campaign for shakers in March 2023 in partnership with the National Pancreas Foundation which includes access to approximately 100,000 medical professionals and 170 hospitals.
B2B progress:
· Successfully completed comprehensive testing of Microsalt with several major food companies. MicroSalt is at varying stages of progress with these company's respective tasting, procurement, marketing and packaging departments and will keep the market informed of further developments.
About MicroSalt, Ltd
MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt called MicroSalt®. We are passionate about improving peoples' lives with better-for-you seasonings and snacks by 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 flavour because it is salt. Our new patented 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. Additionally, the ultra-small particle size enhances product adhesion, which reduces waste and provides improved flavour consistency. MicroSalt® and SaltMe® are registered trademarks of MicroSalt Inc. To learn more about MicroSalt please visit www.microsaltinc.com.
To learn more about SaltMe! snacks please visit www.saltme.com
Tekcapital owns 97% of the share capital of MicroSalt Ltd. and 6,034,683 shares (78%) of MicroSalt Inc., its U.S. subsidiary.
About Tekcapital plc
Tekcapital creates value from investing in new, university-developed discoveries that can enhance people's lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
Tekcapital Plc | Via Flagstaff IR |
Clifford M. Gross, Ph.D. | |
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) | +44 (0) 20 3470 0470 |
Richard Morrison / Charlie Bouverat (Corporate Finance) Rob Rees (Corporate Broking)
| |
Flagstaff Strategic and Investor Communications Tim Thompson/Andrea Seymour/Fergus Mellon microsalt@flagstaffcomms.com
| +44 (0)207 129 1474 |
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 MicroSalt and/or Tekcapital 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 MicroSalt and/or Tekcapital's 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 MicroSalt or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither MicroSalt nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.