Yesterday, Vantage Health announced that the Company’s 51 percent 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 1, 2011 to September 30, 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 percent of the University contract. This tender award is the catalyst that changes our 51 percent 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.”
Dr. Ramakrishnan continued, “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.”
Vantage Health is a company recently incorporated and public since February 2011. Their goal is providing healthcare related products and services in sub Saharan Africa. The Company is a health care products and medical consumables supply company focusing on building their core supply business via government and local partnerships, and alleviating the burden of HIV/AIDS and disease on the African continent.
Currently, Vantage Health has two subsidiaries, Moxisign (PTY) Ltd., a South African entity 49 percent 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 percent owned by Tanzanian investors. Vantage Health’s intention is 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.
For more information visit: www.vantagehealthgroup.com
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