Zinzino Buys 49 Percent of Cypriot Olive Oil Producer Cleanthi

Zinzino has acquired 49 percent of the shares and votes in Cleanthi Alpha-Olenic Ltd., a Cypriot olive oil producer that supplies oil for its products.

Zinzino said the deal secures a reliable supply of high-polyphenol olive oil for its R.E.V.O.O and BalanceOil Premium products and brings intellectual property rights that will help protect its BalanceOil line, which accounts for about 60 percent of group revenue.

Zinzino paid 2 million dollars at closing, of which 1.3 million dollars was in newly issued Zinzino shares, and holds an option to buy an additional 1 percent from the sellers for just over 1 million dollars.

"By working with Cleanthi, we are strengthening and advancing our brand protection and securing important olive oil production," said Chief Executive Dag Bergheim Pettersen.