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 SylvesterTel:
+27 (0) 21 813 6863Fax:
|SOURCE Vantage Health|
Copyright©2010 PR Newswire.
All rights reserved