Fundraising Goal Met
Smart Salt, Inc. is a California C corporation founded in early 2007 by Juhani and Tapio Maki to capitalize on a proprietary and patented balanced salt alternative that has the potential to revolutionize the alternative salt market category. The founders have invested about $450,000 in the development and testing of this unique and potentially ubiquitous product over the past 12 years. The result is a new balanced salt alternative that meets with several huge market demands. First, it helps satisfy a major demand for health-conscious food products that are low in sodium, while retaining the natural flavor of salt, and its preservative properties. Second, it solves large problems for producers of high-sodium processed food products that are under intense pressure to decrease the sodium content in their foods. There is currently no product on the market that adequately satisfies all these requirements. Thus, Smart Salt is in a unique position to capture a significant share of these emerging markets.
Rather than entering the market as a manufacturer of balanced alternative salt, the Company intends to establish a licensing model following common conventions within the food industry. Smart Salt plans to sell exclusive licenses to manufacture its patented formulation to leading processed food manufacturers in specific categories for between $2 million and $5 million, and a royalty of $0.03 per pound on all Smart Salt produced by those manufacturers. The Company also plans to establish similar relationships in the wholesale salt and wholesale salt substitute markets, while charging a royalty of $0.06 per pound. By aggressively pursuing this formula, Smart Salt will be able to generate much higher profit margins than it would as a manufacturer. The Company expects to capture an 8% share of the alternative salt market by the end of three years, and garner premium prices due to the unique and beneficial properties of Smart Salt.
Morton, Cargill, Kraft, McNeil Nutritionals, and others are interested in the product, and are waiting to receive Smart Salt samples from an industrial source instead of the Company’s manually prepared lab samples. After receiving these samples, they will commence internal evaluations to assess the ability of Smart Salt to satisfy their requirements. Qualification of a factory to produce this Smart Salt will proceed soon after funding.
Products and Services
The primary product of the Company is the Patented formulation for Smart Salt, which is a blend of Sodium Chloride, Potassium Chloride, and a special Magnesium compound. Smart Salt:
- Tastes just like salt
- Reduces Sodium intake by 52%
- Eliminates the metallic after-taste associated with other competing products
- Provides the widely-recognized health benefits of Magnesium
- Can be used in food manufacturing and baking
- Is well within Potassium and Magnesium recommended limits
The product development for Smart Salt was completed and the Patent applications were filed in 1999. The U.S. Patent that protects the key Magnesium compound was approved in 2004. The company completed a FDA pre-study with positive results, and also received a strong legal opinion supporting GRAS exemption from FDA approval requirements.
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BizConnectNow.com is similar to existing competitors in that it lists small to medium-sized businesses for sale. However, the Company will be significantly different by being the first online platform with a prequalifying component to connect sellers with appropriate buyers from the start. Today, all leading business-for-sale websites are essentially just online classifieds, and they are primarily advertising supported. In contrast, BizConnectNow.com adds real value and efficiency to the buying and selling process. The Company takes price as an obstacle out of the equation, and allows serious qualified sellers to meet serious qualified buyers. BizConnectNow.com also enables them to connect with each other anonymously, and ask questions to determine if the other side is serious before meeting. Buyers and sellers can also upload all documents necessary to close and fund a deal, and provide access to trusted support professionals.
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Bizware, Inc. was founded by banking, commercial lending, operations, and technical veteransThomas Meyer, Craig Charak, and Erik Heuser in 2004.