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.
For more information about Vantage Health, please contact:
Dr. Lisa Ramakrishnan / Karen Sylvester
Tel: +27 (0) 21 813 6863
Fax: +27 (0) 86 604 7593
ceo@vantagehealth.co.za
www.vantagehealthgroup.com
SOURCE Vantage Health