CAPE TOWN, South Africa, July 19, 2011 /PRNewswire/ -- Vantage Health (OTC BB: VNTH), ("Vantage"), ("company") announced today that it has successfully conducted discussions with senior government officials from the Ministry of Health and Social Welfare, Tanzania Food and Drug Authority, and Medical Stores Department, all representing the United Republic of Tanzania ("URT") which talks have resulted in a decision to draft a formal Public Private Partnership ("PPP") Agreement between Vantage, its local 51% owned Tanzanian subsidiary, Vantage Health Tanzania Limited ("VHTL"), and the Tanzanian government. In addition, VHTL is currently participating in its first URT essential medicine government tender, the results of which are expected to be announced by the URT Medical Stores Department by November 11, 2011.
VHTL is also actively negotiating with the Tanzanian Medical Stores Department to supply medicine and consumables in the URT healthcare sector which are not currently covered by existing supply contracts or agreements, and which fall outside current guidelines for competitive tender.
In addition, Vantage ultimately intends to provide construction plans before the end of 2011 for URT's first API (Active Pharmaceutical Ingredient) formulation and manufacturing facility (the "plant"). Subject to concluding the PPP Agreement with URT, and after completion, it is anticipated that Vantage would arrange for the necessary skills transfer and then operate the plant through its 51% owned URT subsidiary, Vantage Health Tanzania Limited ("VHTL") on a Build, Own, Operate, Transfer basis. It is intended that income from the plant would accrue to the benefit of VHTL for a period of 20 to 30 years, secured by URT government off take, after which, ownership of the plant would revert to the government of URT for the benefit of URT's citizens. Further, Vantage has committed to participate in dealing with the problem of HIV/AIDS in URT, through the provision of the latest HIV Rapid Test Kits and the newest generation of antiretroviral treatments as well as counseling for those who test positive to HIV. To this end, VHTL intends to assist with refurbishing and managing clinics and medical centers throughout the country, in both metropolitan and rural areas, for the sole financial benefit of VHTL. In addition, VHTL also intends to create and own a chain of women's health clinics, or Maternal Obstetric Units ("MOUs") in URT, specializing in normal deliveries and women's health, including gynecological outpatient procedures, screening and women's imaging. The MOU's are relatively cheap to establish and operate with a low cost base. In some cases, mobile clinics may be established for use in remote or rural areas. Wherever possible, VHTL will seek to combine these MOU's with clinics that can also serve to test, treat and counsel both male and female patients who have tested positive to HIV.
Tanzania's Minister of Health and Social Welfare, the Honorable Professor Hadji Mponda, added: "After meeting with Dr. Ramakrishnan, Vantage Health's CEO, I am very happy to announce that a preliminary agreement has been reached. I have asked Dr. Ramakrishnan to work with our relevant government departments in drafting a formal Public Private Partnership agreement, which would set out in detail the terms under which Vantage and my department would cooperate. It is the mandate of my Ministry to ensure that healthcare policies are implemented effectively. With Vantage's involvement and our combined resources, I have little doubt that we have taken a major step forward in bridging some of the important healthcare gaps that exist in Tanzania. I look forward to working with the company for the benefit of the citizens of Tanzania."
Dr. Lisa Ramakrishnan, President and CEO of Vantage Health, commented: "We are very excited and proud to be working with the leadership of the United Republic of Tanzania to assist in addressing their key concerns in the Tanzanian healthcare space. This is a long term project for our company and I believe over time, will return value to the citizens of this wonderful country, as well as our shareholders. I would also like to thank the many individuals who helped put this project together, and in particular, Prime Minister Pinda, and his Minister of Health and Social Welfare, Doctor Mponda."
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 medical supply and manufacturing sectors, as well as the construction of hospitals, maternal obstetric units, and clinics.
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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 SylvesterTel:
+27 (0) 21 813 6863Fax:
|SOURCE Vantage Health|
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