Tekcapital PLC (LON:TEK) revealed that its portfolio company, Salarius Ltd. has signed an agreement with iLevel Brands Inc as part of the launch of North American sales of its new SaltMe! full flavour-low sodium snack line.
The UK intellectual property investment group – which is focused on creating marketplace value from investing in university technology - said the agreement, combined with a previously announced distribution agreement, will expand Salarius' market penetration and brand awareness for its new potato chip snack line with retail brand placements across the entire East Coast, Midwest and Southwest geographic areas of the United States.
Dr Clifford Gross, Tekcapital’s executive chairman at Tekcapital, commented: "We are very glad to see that Salarius has signed an agreement with iLevel Brands Inc, a premier natural food broker for its SaltMe! crisps. This agreement should enhance market penetration and accelerate sales growth for the SaltMe! product line in the second half of 2020."
Tekcapital currently owns 91.7% of the share capital of Salarius, down from 97.5% previously after, in February 2020, Salarius executives exercised stock options resulting in reduction in Tekcapital's ownership.
Victor Hugo Manzanilla, CEO of Salarius commented: "We are very excited about our alliance with iLevel Brands which will enable us to present our new innovative brand SaltMe! full flavor-low sodium snacks to numerous distributors and retailers in an accelerated time frame."
SaltMe! all natural potato crisps are made with MicroSalt, Salarius' proprietary salt with micron-size salt particles that dissolve in the mouth significantly faster than regular salt, delivering an increased sensation of saltiness with much less salt, and as a result approximately 50% less sodium.
The snacks are Non-GMO, all Natural, Kosher and Gluten Free, without sacrificing the salty taste.
David Abrahams, CEO of iLevel Brands said: "iLevel Brands is proud to partner with Salarius. They have created a groundbreaking and innovative solution to the challenges of sodium reduction in formulations.
“We prefer representing brands like SaltMe! because they have created a new and innovative solution to an important problem in the industry and their growth potential is unlimited. We look forward to growing with Salarius and having a long-term partnership in the natural products industry "
The highly competitive global sweet and savory snacks market is expected to reach US$219.6bn in 20241.