CAPE TOWN, South Africa,
Nov. 29, 2011 /PRNewswire/
-- Vantage Health (OTC:BB – ticker symbol VNTH), ("Company"),
announced today that its 51% owned Tanzanian subsidiary, Vantage
Health Tanzania Limited ("VHTL"), was awarded Lot 1, Lot 2 and Lot
3 of the University of Dar es Salaam ("University") pharmaceutical
and medical supply tender number PA/011/G/2011/2012/2 ("tender",
"contract") on October 24, 2011. The
contract value for lot 1, lot 2 and lot 3 combined is TZS1,410,318,142.00, or the approximate
equivalent of US$829,598 at current
exchange rates, and covers the period November 1st 2011 to September 30th 2012. The first delivery to the
University against an initial Purchase Order and offset against the
full tender value, was successfully made by VHTL on Friday, November 18, 2011.
Dr. Lisa Ramakrishnan, President
and CEO of Vantage Health, said: "Further to our previous press
release on September 15, 2011 wherein
the Company announced it had submitted bids on two separate
Tanzanian tenders, one of which was to supply the University of Dar
es Salaam, I am pleased to inform shareholders that we have won
100% of the University contract. This tender award is the catalyst
that changes our 51% owned Tanzanian subsidiary from a concept, to
a revenue generating entity. While we are very pleased that VHTL
has been awarded the entire University tender, we await the
adjudication of the Company's Tanzanian Medical Stores Department
tender submission, which decision should be made on or prior to
December 2nd, 2011. In the meantime,
we shall continue to submit further applications for Tanzanian
government healthcare tenders, and remain confident that our
competitive position in the Tanzanian healthcare space will
significantly improve the revenue stream to VHTL, with meaningful
profit margins and by extension, increased value to our U.S.
Company's shareholders. In addition to this news, and after our
meeting with the Tanzanian government Minister for Health and
Social Welfare at his office on November 15,
2011, at which we continued to refine the terms of a
partnership agreement between the government of the United Republic
of Tanzania and the Company, we
believe the outlook for our long term presence in the Tanzanian
healthcare sector is positive, and should contribute substantial
value to the Company over time. In the interim, and alongside our
efforts in Tanzania, we continue
to build relationships with other sub-Saharan governments with a
view to adding both scale and value to the Company, across the
southern African region."
About Vantage Health
Vantage Health is an African based health care products and
medical consumables supply company focused on building its core
supply business through government and local partnerships, and
alleviating the burden of HIV/AIDS and disease on the African
continent. The company currently has two subsidiaries, Moxisign
(PTY) Ltd., a South African entity 49% owned by Kopano Ke Matla
Investment Company, the investment arm of the Congress of South
African Trade Unions ("COSATU"), and Vantage Health Tanzania
Limited, 49% owned by Tanzanian investors. Vantage Health intends
to create a healthcare company with a dominant presence in sub
Saharan Africa in the pharmaceutical/medical supply and
manufacturing sectors, as well as the construction of hospitals,
maternal obstetric units, and clinics.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks, uncertainties and assumptions that, if they never
materialize or if they prove incorrect, could cause the Company's
results to differ materially from those expressed or implied by
such forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including any projections of earnings,
revenue, or other financial items, any statements of the plans,
strategies, and objectives of management for future operations, any
statements concerning proposed new products, services or
developments, any statements regarding future economic conditions
or performance, statements of belief and any statements of
assumptions underlying any of the foregoing. These statements
are based on expectations as of the date of this press release.
Actual results may differ materially from those projected because
of a number of risks and uncertainties, including those detailed
from time to time in the Company's reports filed with the
Securities and Exchange Commission. The Company assumes no
obligations and does not intend to update these forward-looking
statements.
Vantage Health is a US company (OTC:BB – ticker symbol VNTH)
recently incorporated and public since February 2011 with the goal of providing
healthcare related products and services in sub Saharan Africa.
For more information about
Vantage Health, please contact:
|
Dr. Lisa Ramakrishnan /
Karen Sylvester
|
Tel:
|
+27 (0) 21 813 6863
|
Fax:
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+27 (0) 86 604 7593
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ceo@vantagehealth.co.za
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www.vantagehealthgroup.com
|
SOURCE Vantage Health