Tekcapital shares were on the move on Tuesday after the tech company released an updated on portfolio company MicroSalt.
MicroSalt has developed a patented low-sodium salt that provides the same taste as normal salt but with 50% less sodium. High-sodium intake exacerbates cardiovascular disease and MicroSalt’s products have the potential to help millions of people globally.
On Tuesday, Tekcapital announced MicroSalt has secured a new partnership with a major US supermarket chain which could see MicroSalt branded products in up to 7,000 stores across the states. The agreement will kick off with 800 stores by Q4 2023.
Tekcapital shares were 1.5% higher after the announcement.
“We are proud to work with this leading retail chain in their efforts to offer low-sodium solutions to their customers through their private branded products. According to the World Health Organization, excess sodium consumption is a leading contributor to cardiovascular disease, and partnerships like this are a great way to make a positive difference in global health.” Said Rick Guiney, CEO of MicroSalt.
MicroSalt IPO
Today’s announcement would mean an additional 7,000 major US outlets would be added to MicroSalt’s already established distribution deal with Kroger, which numbers thousands of stores.
The agreement also comes as the company prepares for a London listing after appointing Zeus Capital as their AIM NOMAD late last year.
Tekcapital have recently raised £1m specifically ‘to build commercial inventory of MicroSalt Limited due to significant forthcoming orders’.
Tekcapital owns 97% of the share capital of MicroSalt Ltd. and 78% of MicroSalt Inc., its U.S. subsidiary.
