Tekcapital soars as first MicroSalt order secured

Tekcapital's shares shot upward on Tuesday after its 97.5% owned portfolio company Salarius launched production of its low-sodium salt alterntive, MicroSalt, and secured its first customer order.

The AIM traded company said Salarius will dispatch its first batch of the product, which is made with particles of natural salt that are around 100 times smaller than regular salt, in May as part of an order from an unnamed US snack food producer.

Victor Hugo Manzanilla, chief executive of Salarius, said: "We are thrilled to announce the launch of the production and the first sales of MicroSalt, a practical and revolutionary solution that significantly reduces sodium in snack foods, without reducing the salty flavor consumers enjoy. We know that "flavor is everything" in the snacks industry, so we developed a salt that does not compromise on flavor, while simultaneously addressing the critical need to reduce sodium."

According to Tekcapital, the low sodium ingredient market is forecast to reach a size of $1.76bn by 2025, while the highly competitive global savory snacks market is expected to reach $108bn by 2021.

Clifford Gross, executive chairman at Tekcapital, said: "MicroSalt has the potential to empower companies worldwide to make healthier snacks that reduce sodium consumption for their customers. We believe that Salarius will be successful in not only building a vibrant business, but in making a dent in helping to reduce cardiovascular diseases, the leading cause of death in the world."

According to the World Health Organization, cardiovascular disease takes the lives of 17.9m people per year and is responsible for 31% of global deaths, with high blood pressure constituting a key risk factor for developing heart disease.

Tekcapital's shares were up 67.17% at 11.08p at 1059 BST.