August 2, 2011
Vantage Health South African Subsidiary Negotiates Supply Agreement With Major South African Retail Group
CAPE TOWN, South Africa, Aug. 02, 2011 /PRNewswire/ -- Vantage Health (OTC:BB - ticker symbol VNTH), ("Vantage"), announced today that its 51% owned South African subsidiary, Moxisign (PTY) Ltd., ("Moxisign"), is finalizing a pricing structure for a Supply Agreement with the generic pharmaceutical division of a major Johannesburg Stock Exchange listed retail group. The umbrella Supply Agreement, ("contract") with the various appendices detailing each pharmaceutical product to be supplied is expected to be fully executed before the end of September, 2011. Because of the time required to have each of Moxisign's drug dossiers registered with South Africa's Medicine Control Council ("MCC") before supply can begin, the contract is expected to run from January 2013 for a renewable five year term, and will cover various generic pharmaceutical products. As such, and subject to the final Supply Agreement being executed by all relevant parties, revenues from this contract will only be generated once MCC approves each drug dossier. The contract provides for additional generic drugs to be added by Moxisign for the duration of the contract term.
Dr. Lisa Ramakrishnan, President and CEO of Vantage Health, noted: "It has always been our intention to have our Moxisign subsidiary focused on the South African private sector as an adjunct to its public sector efforts. In terms of volume potential, we had, as one of our main priorities, the goal of partnering with an established and significant South African retail entity."
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.
SOURCE Vantage Health