Ann: ASSET: CVT: Comvita Acquires Queensland Oliv

• Release Date: 23/01/13 12:45
• Summary: ASSET: CVT: Comvita Acquires Queensland Olive Estate
• Price Sensitive: No
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CVT
23/01/2013 10:45
ASSET

REL: 1045 HRS Comvita Limited

ASSET: CVT: Comvita Acquires Queensland Olive Estate

Global natural health and beauty products company Comvita, has acquired,
through its wholly owned subsidiary company Comvita Australia Pty Limited,
the olive estate business of Organic Olives (Aust) Company in Coominya,
Queensland, Australia.

Comvita CEO Brett Hewlett said the acquisition will meet increasing demand
for Comvita's multiple award-winning, fresh Olive Leaf Extract (OLE).

"The acquisition of additional land for the expansion of the Olive Products
Australia business ensures Comvita has supply surety and meets the
requirements for increased leaf capacity in a rapidly growing global market."

Situated on the shores of Lake Wivenhoe in South-East Queensland, the 85ha
(200 acres) estate has 7000 certified organic olive trees and the land is
highly suitable for further planting of specialist olive trees suited to
production of organically certified fresh Olive Leaf Extract.

Comvita's fresh Olive Leaf Extract is already renowned as beneficial for
immune and cardiovascular support. Most recently a clinical trial by The
Liggins Institute at The University of Auckland has shown fresh Olive Leaf
Extract prepared by Comvita, improves the way insulin is secreted and
improves the activity of insulin in overweight men. Insulin that does not
work effectively can lead to diabetes. The results have been submitted by
The Liggins Institute for peer review and publication.

"We expect there will be increased interest in Comvita products as a result
of the trial. We're also scoping the possibility of building on this science,
with additional clinical trials," said Mr. Hewlett.

"The acquisition of this new land site for expansion of fresh OLE production
is timely and effectively future-proofs this rapidly growing part of our
business. Together with fully developing our existing property, the
development of our new purchase will provide the capacity to increase supply
over the next five years by approximately 130%." said Mr. Hewlett.

The acquisition was completed last week and the purchase price is
confidential.

# Ends #

For further information:
Comvita CEO, Brett Hewlett, 021 740 160

Comvita Chairman, Neil Craig, 021 731 509

Comvita Communications Manager, Julie Chadwick, 021 510 693

Background information
About Comvita (www.comvita.co.nz)
Comvita is an international natural health and beauty products company with a
strong New Zealand heritage. We are committed to the development of
innovative natural health and wellbeing products, backed by credible
scientific research. We develop and manufacture products in the categories of
Health Care, Personal Care (Skincare and Wound Care) and Functional Foods
(Health Foods). Manuka (leptospermum) honey is at the core of the Comvita
product range and we are the largest manufacturer and marketer of this
uniquely New Zealand resource. We sell into more than 18 countries through a
network of wholesale and third-party outlets, more than 470 branded retail
outlets throughout Asia - including 400 stores in 40 cities in mainland China
and online. We have offices in New Zealand, Australia, Hong Kong, Japan,
Taiwan, South Korea and the United Kingdom
End CA:00232248 For:CVT    Type:ASSET      Time:2013-01-23 10:45:42