July 25, 2011
Vantage Health Announces Plan to Establish Pharmaceutical Plant, Hospital in the Kingdom of Swaziland, in Partnership With Swaziland Government
CAPE TOWN, South Africa, July 25, 2011 /PRNewswire/ -- Vantage Health (OTC:BB - ticker symbol VNTH), ("Vantage", "Company"), announced today that it has been invited by the Ministry of Health for the Kingdom of Swaziland to plan the construction of a pharmaceutical manufacturing facility in that country. Swaziland's Minister for Health, Mr. Benedict Xaba, reiterated in his letter to Vantage Health, that "...Should you expedite your interest, we will enter into off take agreements for the pharmaceuticals produced in the newly established Swaziland pharmaceutical plant." The Minister also confirmed that the Kingdom would assist Vantage and its technology partners "with all relevant regulatory required processes regarding the successful implementation of this most important project...".
Following Vantage's recent entrance into the Tanzanian healthcare space through its 51% ownership of Vantage Health Tanzania Limited, the Company intends to immediately establish an additional majority owned subsidiary in Kingdom of Swaziland, in line with its pan-African Plan for Expansion. In addition to the Company's intentions to construct a manufacturing/formulation facility, the Minister of Health indicated in his letter to Vantage his government's commitment to a BOOT ("Build, Own, Operate, Transfer") transaction with the Company and its local and technology partners to build a referral hospital in Swaziland.
Separately, it is the intention of Vantage to actively participate in additional government tenders for other essential medicines, medical supplies, medical equipment and consumables, certain of which qualify for external donor funding.
Dr. Lisa Ramakrishnan, President and CEO of Vantage Health, said: "Having only recently established our business models in South Africa and Tanzania, we are once again very excited to be planning the creation of a new healthcare entity in the Kingdom of Swaziland, with the support of that country's government. Many countries in sub-Saharan Africa have significant gaps in their healthcare infrastructure and citizens of these countries continue to suffer as a result of poor access to good quality healthcare. This is a problem that needs to be urgently addressed. We look forward to working with Minister Xaba and his team at the Swaziland Ministry of Health and others in the Swaziland private sector, to assist in providing solutions in the Swaziland healthcare space. Vantage's entrance into this market signals the fact that we will continue to expand both our footprint, and partnerships in sub Saharan Africa. As a new public company since February 2011, Vantage Health has the responsibility of utilizing a business model that it believes will return shareholder value at the earliest opportunity. It is my belief that the partnerships and presence we are creating on this continent at this exciting time in Africa's history are critical in terms of recognizing the 'first to market' imperative. In every location that we establish a new line of business, we seek to create an early revenue stream with the goal of significantly growing our top line sales on a consolidated basis, as well as achieving the necessary economies of scale that will also boost the future growth of our operating margins. I am often asked whether the countries with which we interact have the financial resources to underwrite pharmaceutical purchases and other healthcare related projects: It is important to note that certain African countries, although perhaps lacking the internal financial resources to fund healthcare development relative to the budgets of developed economies, are nonetheless able to access donor funding for the purchase of essential medicines and projects such as hospital construction. In the case of Tanzania, for example, the Ministry of Health and Social Welfare's budget for development programs in 2010/11 amounts to approximately US$287 million, with 35% of that total contributed by government and the balance from Donors, or development partners."
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.
SOURCE Vantage Health