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Patient Safety Technologies, Inc. (AMEX:PST) provides further financial
information.
The Company anticipates that third-quarter revenue will rise to $122,000
from $30,000 a year earlier and net losses will decrease to $2.0
million, or 31 cents per diluted share, from $2.2 million, or 39 cents
per share, in 2005.
Revenue from the Company's car wash services segment of $104,000
accounted for 85 percent of the Company’s
revenue while revenue generated from the medical products segment, which
marked the first quarter that the Company recognized revenue in its
medical products segment, of $18,000 accounted for the remaining 15
percent.
Included in the Company’s estimated loss of
$2.0 million is approximately $675,000 in non-cash charges related to
depreciation, amortization, debt discount and stock-based compensation
expenses. While the Company believes these estimates have been prepared
in accordance with generally accepted accounting principles, actual
results may change upon final review of the Company’s
financial results by its independent accountants.
The Company continues to have limited to no funds and operates through
loan agreements and revolving lines of credit.
PST also announced today that its Board has authorized management to
initiate specific steps of a new restructuring plan. The Company, in
cooperation and support from several of PST’s
largest shareholder groups, including Bodnar Capital Management, LLC (“BCM”),
has taken steps in which it believes will be extremely positive for its
shareholders, including:
Securing an estimated $1 Million bridge loan with BCM and other
strategic investors
Restructuring a majority of the Company’s
short-term debt
Engaged Trinity River Advisors, an outside, independent advisor and
Chief Restructuring Officer (“CRO”)
to assist PST with its restructuring plan (www.trinityriveradvisors.com)
Engaged Peterson & Co, LLP, the Company’s
new independent auditor
The Board has determined at this time, after reviewing purchase offers
for SurgiCount Medical, the Company’s primary
subsidiary, and discussing with the new CROs, to evaluate ALL
options or alternatives available regarding SurgiCount in order to
optimize value for PST shareholders.
Further, PST is no longer in default to any of its creditors regarding
the Company’s loan agreements or its loan
covenants. The Company has reached newly executed or tentative
agreements with its creditors to restructure its short-term debt that
will greatly affect the working capital deficiencies of the Company.
“I anticipate that this debt restructuring
will dramatically strengthen our balance sheet, ultimately moving
approximately $3.5 million of short-term debt that was included in the
Company’s June 30, 2006 $5.8 million working
capital deficit to long-term debt,” said
Milton “Todd” Ault
III, Chairman and CEO of PST.
Additionally, the Company announces it has engaged Peterson & Co, LLP as
the Company’s new independent auditors, who
will begin work immediately to assist the Company with its next Form
10-Q filing and all future filings. The Company hopes to file its
September 30, 2006 10-Q on time, but will keep investors apprised of the
filing given the Company’s engagement of new
auditors.
The Company also announces it has appealed the American Stock Exchange's
(“Amex”) delisting
determination and will provide Amex with its restructuring plan,
including the above-mentioned bridge loan, restructured debt and plans
to bring new capital into the Company, which the Company believes will
bring it back into compliance with Amex’s
continued listing standards.
About Patient Safety Technologies, Inc.
Patient Safety Technologies, Inc. (PST) is a holding company that owns
assets in various businesses. Its wholly-owned subsidiary, SurgiCount
Medical, Inc., is a developer and manufacturer of patient safety
products and services. For more information on Patient Safety
Technologies, Inc., please contact the company directly at 310-895-7750,
or by email at info@patientsafetytechnologies.com
or www.patientsafetytechnologies.com.
About SurgiCount and the Safety-Sponge™
System
SurgiCount Medical's Safety-Sponge System works much like a grocery
store check-out system. Every surgical sponge and towel is pre-labeled
by the manufacturer with an individual and unique bar coded label, and a
scanning counter is used to read and record the labels. No change is
required in a hospital's established counting procedures: sponges are
counted and recorded by the system at the beginning of the procedure and
again as they are removed from the patient. For more information, visit www.surgicountmedical.com.
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 Patient Safety
Technologies 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 Patient Safety Technologies does not undertake any
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
Patient Safety Technologies, Inc. (AMEX:PST) provides further
financial information.
The Company anticipates that third-quarter revenue will rise to
$122,000 from $30,000 a year earlier and net losses will decrease to
$2.0 million, or 31 cents per diluted share, from $2.2 million, or 39
cents per share, in 2005.
Revenue from the Company's car wash services segment of $104,000
accounted for 85 percent of the Company's revenue while revenue
generated from the medical products segment, which marked the first
quarter that the Company recognized revenue in its medical products
segment, of $18,000 accounted for the remaining 15 percent.
Included in the Company's estimated loss of $2.0 million is
approximately $675,000 in non-cash charges related to depreciation,
amortization, debt discount and stock-based compensation expenses.
While the Company believes these estimates have been prepared in
accordance with generally accepted accounting principles, actual
results may change upon final review of the Company's financial
results by its independent accountants.
The Company continues to have limited to no funds and operates
through loan agreements and revolving lines of credit.
PST also announced today that its Board has authorized management
to initiate specific steps of a new restructuring plan. The Company,
in cooperation and support from several of PST's largest shareholder
groups, including Bodnar Capital Management, LLC ("BCM"), has taken
steps in which it believes will be extremely positive for its
shareholders, including:
-- Securing an estimated $1 Million bridge loan with BCM and
other strategic investors
-- Restructuring a majority of the Company's short-term debt
-- Engaged Trinity River Advisors, an outside, independent
advisor and Chief Restructuring Officer ("CRO") to assist PST
with its restructuring plan (www.trinityriveradvisors.com)
-- Engaged Peterson & Co, LLP, the Company's new independent
auditor
The Board has determined at this time, after reviewing purchase
offers for SurgiCount Medical, the Company's primary subsidiary, and
discussing with the new CROs, to evaluate ALL options or alternatives
available regarding SurgiCount in order to optimize value for PST
shareholders.
Further, PST is no longer in default to any of its creditors
regarding the Company's loan agreements or its loan covenants. The
Company has reached newly executed or tentative agreements with its
creditors to restructure its short-term debt that will greatly affect
the working capital deficiencies of the Company.
"I anticipate that this debt restructuring will dramatically
strengthen our balance sheet, ultimately moving approximately $3.5
million of short-term debt that was included in the Company's June 30,
2006 $5.8 million working capital deficit to long-term debt," said
Milton "Todd" Ault III, Chairman and CEO of PST.
Additionally, the Company announces it has engaged Peterson & Co,
LLP as the Company's new independent auditors, who will begin work
immediately to assist the Company with its next Form 10-Q filing and
all future filings. The Company hopes to file its September 30, 2006
10-Q on time, but will keep investors apprised of the filing given the
Company's engagement of new auditors.
The Company also announces it has appealed the American Stock
Exchange's ("Amex") delisting determination and will provide Amex with
its restructuring plan, including the above-mentioned bridge loan,
restructured debt and plans to bring new capital into the Company,
which the Company believes will bring it back into compliance with
Amex's continued listing standards.
About Patient Safety Technologies, Inc.
Patient Safety Technologies, Inc. (PST) is a holding company that
owns assets in various businesses. Its wholly-owned subsidiary,
SurgiCount Medical, Inc., is a developer and manufacturer of patient
safety products and services. For more information on Patient Safety
Technologies, Inc., please contact the company directly at
310-895-7750, or by email at info@patientsafetytechnologies.com or
www.patientsafetytechnologies.com.
About SurgiCount and the Safety-Sponge(TM) System
SurgiCount Medical's Safety-Sponge System works much like a
grocery store check-out system. Every surgical sponge and towel is
pre-labeled by the manufacturer with an individual and unique bar
coded label, and a scanning counter is used to read and record the
labels. No change is required in a hospital's established counting
procedures: sponges are counted and recorded by the system at the
beginning of the procedure and again as they are removed from the
patient. For more information, visit www.surgicountmedical.com.
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
Patient Safety Technologies 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
Patient Safety Technologies does not undertake any obligation to
publicly update such forward-looking statements to reflect subsequent
events or circumstances.