Tekcapital Plc (AIM: TEK ), is very pleased to announce that its owns 91.7% owned portfolio company, Salarius Ltd., has signed a partnership agreement with FXM to lead B2B sales and marketing of MicroSalt® in Mexico and Latin America ("LATAM"). 

FXM was established in 1988 to provide the highest quality food ingredients to companies worldwide and have rapidly become experts on market trends for the food industry in Mexico and Latin America over the past 30 years. 

Under the agreement, FXM will provide integral solutions including logistics and technical consulting on the development of the market for Salarius including securing meetings with the top snack food manufacturers, flavor houses, contract manufacturers and other food companies looking for full flavor, low sodium alternatives, along with attendance at food trade shows such as the Food Technology Summit and Expo in Mexico City. 

Shares in TEK have traded between 12.75p and 13p overt he past three months to open at 12.25 following this agreement. 

The Market Opportunity 

In Mexico, 2020 revenue in the snack food segment is projected to be US$5.68 billion. The Mexican market is expected to grow annually by 9.1% (CAGR 2020-20251. The Mexican Ministries of Health recently passed a new law on 27 March 2020 mandating a new front of packaging labeling (FOPL) system for all packaged food. Under NOM-051, products that exceed 350mg of sodium per 100g of product, will need to prominently display the warning, Exceso de Sodio ("Excess Sodium"). 

"FXM is thrilled to enter into a strategic partnership with Salarius. We are excited to introduce MicroSalt® as a solution in our portfolio for the new Mexican labeling concerning the reduction of sodium content. Integrating Salarius into our family of world class manufacturing partners is complimentary to the FXM business model and is in alignment with our strategic vision for growth." says Gilberto Olvera Hernández, CEO of FXM. 

"We are looking forward to working with FXM to bring the full flavor-low sodium benefits of MicroSalt® to Mexican consumers to help lower their sodium intake. Our collaboration with FXM will introduce MicroSalt to food companies in Mexico and LATAM that could benefit most from our ground-breaking, on-trend and innovative ingredient," says Victor Hugo Manzanilla, CEO of Salarius.