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Medical Services Awarded Additional $25 Million Contract for its VScan HIV Test Kits
Sunday April 10, 8:11 pm ET
EDMONTON, Alberta, April 10 /PRNewswire-FirstCall/ -- Medical Services International Inc. announced today that it has been awarded a US$25 million contract from the Federal Government of Nigeria for its VScan HIV 1&2 Test Kits.
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The Government of Nigeria recently issued a tender notice for eligible companies to submit proposals to supply its health sector with HIV test kits. This procurement contract was an upshot of the $120 million loan recently awarded to Nigeria from the World Bank for improvement of the Country's Health, Educational and Agricultural Sectors. Of the $120 million, 25 million has been allocated for the supply of HIV/AIDS test kits. The fact that the VScan HIV test kit was recently awarded full NAFDAC registration and approval in Nigeria was instrumental in Medical Services receiving this contract.
In the last 45 days Medical Services has been awarded contracts in China and Nigeria for its VScan HIV test kits totaling $50.5 million. Coupled with the potential additional contracts currently being negotiated for in China -- with an estimated value of $3.5 million -- and those anticipated contracts in China for the Company's other VScan test kits, Medical Services is looking forward to significant growth and its strongest fiscal year by far in 2005-2006.
About VScan
The VScan rapid test kit is a single use, easy to use, test for the screening of HIV 1&2, Hepatitis B&C, Tuberculosis (TB), Dengue Fever, West Nile, Syphilis and Prostate Cancer. The kits cannot be sold in Canada.
Medical Services International Inc trades in the United States on the NQB Pinksheets under the symbol "MSITF".
NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions, risk in product development, market acceptance of new products and continuing product demand, level of competition and other factors described in Company reports and other filings with regulatory bodies.
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Source: Medical Services International Inc.
