CASPI Development and Steven Caspi, a Major NY-Based Real Estate Developer, Provide Long-Term Restructuring Plan for Patient Saf

         Patient Safety Technologies Refinances to Cure $1.25
         Million Loan Default and to Secure New Debt Financing

   Patient Safety Technologies, Inc. (AMEX:PST) announced today that
it secured new financing last week and cured the Notice of Foreclosure
from a previous creditor. The Company reached an agreement with an
outside, major New York-based real estate developer, Steven Caspi and
CASPI Development LLC, www.caspidevelopment.com, and has entered into
discussions to re-structure all outstanding debt in full. PST will
announce more detail soon regarding this new restructuring regarding
Mr. Caspi and CASPI Development.
   "This agreement with CASPI Development and Steven Caspi represents
a major milestone in the Company's long-term plans for SurgiCount
Medical and other assets," said Milton "Todd" Ault III, CEO of PST,
"and we're extremely excited about our future growth and Mr. Caspi's
involvement."

   About Patient Safety Technologies, Inc.

   Patient Safety Technologies operates as a holding company with
separate operating business and separate CEOs running each business.
The flagship of those businesses is SurgiCount Medical, Inc. PST also
wholly owns Automotive Services Group, Inc along with many minority
investments in public and private companies. There are also various
pieces of real estate in PST's portfolio.

   Forward-Looking Statements

   This press release contains certain forward-looking statements.
These forward-looking statements can generally be identified as such
because the context of the statement will include words such as plans,
expects, should, believes, anticipates or words of similar import.
Stockholders, potential investors and other readers are cautioned that
these forward-looking statements are predictions based only on current
information and expectations that are inherently subject to risks and
uncertainties that could cause future events or results to differ
materially from those set forth or implied by the forward-looking
statements. Certain of those risks and uncertainties are discussed in
our filings with the Securities and Exchange Commission, including our
annual report on Form 10-K and quarterly reports on Form 10-Q. These
forward-looking statements are only made as of the date of this press
release and the Company does not undertake any obligation to publicly
update such forward-looking statements to reflect subsequent events or
circumstances.