Salarius Update

RNS Number : 0843O

Tekcapital plc

05 February 2021

 

5 February 2021

("Tekcapital", the "Company" or "the Group")

Portfolio Company Update: Salarius, Ltd. Launches Equity Crowdfund

Tekcapital Plc (AIM: TEK),(OTCQB: TEKCF), the UK intellectual property investment group focused on creating valuable products from investing in university technology, is pleased to announce that portfolio company Salarius Ltd's subsidiary MicroSalt Inc. has launched an equity crowdfund to raise up to US$750,000. 

MicroSalt Inc. has launched the crowdfund via crowdfunding platform microventures.com . US$188K has already been raised to-date and their goal is to raise up to US$750,000 in the next 150 days at a pre-money valuation of US$5m, with a 10% early subscriber discount for the first $100,000 invested. Proceeds will be used to help fuel the company's growth and innovation strategy.

Victor Hugo Manzanilla, MicroSalt Inc CEO said: "I am extremely excited and grateful for the support of more than 400 investors that have already contributed to our recently launched crowdfund. They are aligned with our vision to make great tasting, better-for-you snacks with MicroSalt®, with roughly half the sodium compared with traditional potato chips."

Marketing Update

MicroSalt Inc. has also announced that is delivering MicroSalt® to a newly on-boarded restaurant distributor, which opens the food service market for the company. This distributor has an initial order to sell MicroSalt® to an 18-location restaurant chain, that will provide its customers with full-flavour, low-sodium tortilla chips. There are approximately 59,000 Mexican restaurants in the U.S..

Additionally, MicroSalt Inc. is expanding its SaltMe! products by offering the 1oz small size package in both Original and Barbecue flavour within the next two weeks. This will enable SaltMe! to better compete on Amazon by making available the #1 selling potato chip package size.

To learn more about SaltMe! Please visit www.saltme.com .

About MicroSalt Inc.

MicroSalt Inc, is the developer and manufacturer of a patented, low-sodium salt called MicroSalt®. We are passionate about improving peoples lives with better for you snacks by taking the lead in the industry and providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one to our knowledge that delivers real salt (sodium chloride) 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, resulting in 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 please visit https://www.microsaltinc.com .

Tekcapital owns 97.2% of the share capital of Salarius Ltd. and 87.1% of its subsidiary, Microsalt, Inc.

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries and provides a range of technology transfer 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 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 Joint Broker)		[phone]
Richard Morrison / Charlie Bouverat (Corporate Finance) Abigail Wayne (Corporate Broking)

Flagstaff Strategic and Investor Communications     [phone]

Tim Thompson/Andrea Seymour/Fergus Mellon 

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 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, on social media, 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 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 Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Forward-looking statements express, as at the date of this release, the Company's plans, estimates, valuations, forecasts, projections, opinions, expectations or beliefs as to future events, results or performance. Forward-looking statements involve a number of risks and uncertainties, many of which are beyond the Company's control, including those associated with COVID-19, and there can be no assurance that such statements will prove to be accurate. No assurance is given that such forward looking statements or views are correct or that the objectives of the Company will be achieved. Further, valuations of Company's portfolio investments and net asset value can and will fluctuate over time due to a variety of factors and this could have a material impact on the Company's financial performance. Tekcapital neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which may differ from those anticipated.

 

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