Drain olives and place on doubled paper towels. Set aside.
Preheat the oven to 375°F. Spray 36 wells of two (24-count) mini muffin pans with nonstick cooking spray. Set aside.
In a large bowl, use a whisk to sift together the flour, baking powder, baking soda, seasoned salt, granulated garlic, onion powder and cayenne pepper.
Using a pastry blender, cut the cold butter into the sifted flour mixture until it resembles cornmea.
To the flour mixture add the shredded cheese, Stir to evenly distribute.
In a small bowl, whisk together the heavy cream and egg. Make a well in the center of the dry mixture and add the cream mixture and the olive salad. Stir using a nonstick spatula until fully moistened, the dough will be thick.
Divide the puffs dough using a meatball scoop. Roll into rounds and transfer to the prepared pan.
Place the pan into the oven and bake for 22-25 minutes or until a toothpick inserted into the centers comes back clean.
Cool in the pan for a few minutes, then run a spatula or the tip of a knife around the edge to loosen, if needed.
Serve warm with pizza sauce or pasta sauce on the side for dipping.