ZINZINO AB (PUBL.): ZINZINO ACQUIRES 49% OF CYPRIOT OLIVE OIL PRODUCER CLEANTHI ALPHA-OLENIC LTD
GOTHENBURG, Sweden, June 27, 2024 /PRNewswire/ -- Zinzino has today acquired 49% of the shares and votes in the Cypriot olive oil producer Cleanthi Alpha-Olenic LTD ("Cleanthi or the Company"). The acquisition is another strategically important step in Zinzino's growth plans focused on improving personal health and well-being on a global scale with innovative biotechnology and a pioneering product portfolio marketed through direct sales.
Cleanthi is an olive oil producer with a unique and patented process of pressing olive oil originating from certified Koreneiki olives from orchards owned by farmers for several generations without the use of artificial fertilizers or pesticides. The manufacturing process enables the production of olive oil with up to 30 times the polyphenol content of regular olive oil.
The business is currently run on a small scale, with most of the production going to Zinzino's existing products R.E.V.O.O. and BalanceOil Premium. Through the partnership, Zinzino gains access to Cleanthi's IP rights, which opens up opportunities to develop and increase brand protection for Zinzino's BalanceOil, the product group that currently accounts for about 60% of the Group's total revenue.
Going forward, Zinzino intends to expand production at Cleanthi to secure olive oil supply for the increased internal demand arising from Zinzino's global expansion and high sales growth. At the same time, external revenues for Cleanthi can be increased similar to the model previously used successfully for the group's manufacturing unit, Faun Pharma AS in Norway.
Zinzino initially acquires 49% of the shares in the Company and pays a fixed purchase price of EUR 1.9 million at closing, of which EUR 1.2 million in newly issued Zinzino shares. In addition, Cleanthi will receive EUR 0.5 million through a new issue of Zinzino. In addition, Zinzino also receives an option to acquire an additional 1% of the Company from the sellers for EUR 1.
The cash part of the purchase price and the new share issue is financed through the group's own cash.
A visionary mindset, tech-first perspective, test-based diet with cellular level nutrition and a strong position to capitalize on current trends will form the basis of the new partnership. Following the acquisitions of VMA Life in 2020, Enhanzz in 2022, the strategic partnership with ACN and the recently completed asset acquisition of Xelliss, Zinzino has been looking for additional powerful investments to maintain its sustainable, profitable growth, increase brand protection, strengthen its distribution power, expand into new markets and leverage the product portfolio in new consumer areas.
- Individual advice and customized solutions are the future, and not just in health and wellness, says Dag Bergheim Pettersen, CEO of Zinzino. By working with Cleanthi, we are strengthening and advancing our brand protection and securing important olive oil production.
Link to PM:
https://www.zinzino.com/site/se/sv-SE/om-oss/investerare/
For more information please contact:
Dag Bergheim Pettersen CEO Zinzino +47 (0) 932 25 700, e-mail: [email protected]
Fredrik Nielsen CFO Zinzino +46 707 900 174, e-mail: [email protected]
Images for free publication:
[email protected]
Certified advisor: Carnegie Investment Bank AB (publ.)
This information is such that Zinzino AB (publ.) is obliged to make public according to the EU's market abuse regulation. The information was provided by the above contact person for publication at 11.00 on 27 June 2024.
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The following files are available for download:
https://mb.cision.com/Public/10976/4007599/98b3ffa01442c801.pdf | Press Release Zinzino Cleanthi |
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