CAPE TOWN, South Africa, Sept. 15, 2011 /PRNewswire/ -- Vantage Health (OTC:BB – ticker symbol VNTH), (the "Company") announced today that its medical supply tender submissions (the "tender", "tenders") have been accepted by Tanzania's Medical Stores Department, and separately, the University of Dar es Salaam. The tenders will not be adjudicated, and the Company will not be made aware of any award in this respect, until December 02, 2011. The Company had previously announced its intention to bid in a United Republic of Tanzania ("URT") essential medicine government tender in July of this year, but was ultimately unable to successfully participate as a result of certain URT government technical requirements. However, the Company, on this occasion, submitted its tender bids in full compliance with all URT regulatory requirements, and has had its tender submissions accepted on technical grounds. The combined gross value of the tenders submitted by the Company amounts to approximately US$1.8million over 12 months, while deliveries by the successful bidder/s are expected to begin in February, 2012.
Dr. Lisa Ramakrishnan, President and CEO of Vantage Health, commented: "The requirements for participation in government tenders as a future supplier are always fraught with technical issues, regardless of the size of the tenders. Bidding on foreign government tenders means familiarizing the Company with specific bidding protocols, and in Tanzania, through our local subsidiary, Vantage Health Tanzania Limited ("VHTL") we have had to acquaint ourselves fairly quickly with that process. Notwithstanding the fact that the tender process is conducted in a way which precludes the possibility of knowing in advance what pricing or quantity levels other participants may have included in their bids, it is our belief that VHTL has bid on those portions of the tenders at levels that make us truly competitive, and as such, we hope that VHTL will be favorably considered when the tenders are adjudicated in 90 days time. We further believe that the supply agreements we have negotiated with our overseas manufacturing partners will leave VHTL competitively positioned in respect of these latest tenders, and the tenders that will follow. Therefore, we will continue to participate in Tanzanian government medical tenders on a regular basis, which we believe will result in our Tanzanian subsidiary creating a sustainable and profitable revenue stream. Separately, all other aspects of our involvement in the Tanzanian healthcare space, and which have been previously announced, continue forward as planned. It is important to note that our success in Tanzania does not hinge on only one aspect of healthcare delivery, such as medical supplies, but also as previously stated, the construction of maternal obstetric units, hospitals and clinics, and local pharmaceutical manufacturing and formulation. In this respect, we continue to work toward our goals in Tanzania in partnership with that country's government, and elsewhere in Africa, to alleviate the burden of disease and to provide healthcare solutions in partnership with governments, which can achieve true scale."
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.
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.
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