Attica Ventures invests in Mastiha Shop

17 May 2005

Procedures for the first venture capital investment by the ZAITECH FUND, managed by ATTICA VENTURES (a member of the Bank of Attica Group) in Mastiha Shop were successfully completed.

Mediterra S.A. (the company operating the Mastiha Shops and a subsidiary of the Chios Mastiha Growers Association (EMX)) was established in 2002 as a result of a decision taken by the EMX to highlight and advertise the many possible uses of gum mastic via innovative and groundbreaking products and activities.

The fact that gum mastic is only produced on the island of Chios constitutes a clear natural comparative advantage unique around the globe and with the establishment of the company this product began to be advertised accordingly. Within a short period of time the company managed:

To develop a network of 5 stores trading under the name Mastiha Shop in key locations (Chios, Syndagma Square in Athens, Thessaloniki, Athens El. Venizelos International Airport, Heraklion Crete).

Develop innovative, unique gum mastic-based products after many years of research and important business partnerships with major producers – suppliers which ensure product quality. It is worth noting that from 2003 to date 10 research programmes have been completed or are under way at 3 universities in Europe in collaboration with the renowned R&D Department of the EMX.

The innovative approach and business activity of Mastiha Shop at all levels (in terms of its business model, products, R&D, packaging, marketing, communication) has been confirmed by the numerous prizes and awards that the company has managed to attain (numbering more than 10 in total) in just 2 ½ years in business.

As Attica Ventures’ CEO, Giannis Papadopoulos, pointed out, “... EMX and Mastiha Shop are a unique, innovative model of partnership and business innovation and prove that in the Greek regions there are remarkable business initiatives. Our aim in participating is to jointly promote this effort to present the company and its products not just in Greece but also in large markets in Europe and the world via specialised, targeted points of sale and distribution networks.

FROM THE ATTICA VENTURES PRESS OFFICE

* This press release and other additional information (logos, etc.) can be found at http://www.attica-ventures.gr/news/17-05-2005.php.