Patient Safety Technologies, Inc. Names New Chairman and CEO

  
    
  
  
    
      Patient Safety Technologies, Inc. (AMEX:PST) announced today that 
      Milton “Todd” Ault 
      III, the Company’s Chairman and CEO, has 
      resigned his positions as Chairman and CEO of the Company, effective 
      immediately. The Company’s Board of Directors 
      has appointed William B. Horne, the Company’s 
      CFO, as PST’s new Chief Executive Officer and 
      as a Director on the Board. Mr. Horne will continue to serve as CFO. The 
      Board also appointed Arnold Spangler, a current PST director, to serve 
      as Interim Chairman of PST’s Board.
    
    
      Mr. Spangler has over thirty years experience as a successful private 
      equity investor and investment banker. Until recently, he was Managing 
      Director of Mancuso & Co., a New York-based merchant banking and private 
      equity firm. Previously, as Partner at Lazard Freres & Co. and the head 
      of global M&A for PaineWebber, he managed M&A transactions, IPO’s 
      and other equity financings. He has served on the boards of numerous 
      companies including publicly traded, healthcare distribution company, 
      Syncor International Corp., which was ultimately merged into Cardinal 
      Health. Mr. Spangler received his MBA from Harvard Business School and 
      BS in Economics from Iowa State University.
    
    
      Mr. Horne has over thirteen years of experience as a financial 
      executive, auditor and financial consultant. Mr. Horne previously held 
      the position of Chief Financial Officer in various technology related 
      companies, including a Seattle-based venture capital firm and a 
      privately-held, advanced cellular communications company which deployed 
      the world’s first commercial 850 MHz GSM 
      network. He has provided strategic financial consulting services to a 
      broad array of companies ranging from small, private companies to a 
      public company with a market capitalization in excess of $1 billion. In 
      his prior roles he was responsible for all aspects of finance and 
      administration, including financial reporting, tax planning, negotiation 
      of M&A transactions, and structuring of equity investments. Mr. Horne 
      has also held supervisory positions at Price Waterhouse, LLP and 
      received his Bachelor of Arts Magna Cum Laude in Accounting from Seattle 
      University.
    
    
      About Patient Safety Technologies, Inc.
    
    
      Patient Safety Technologies operates as a holding company with separate 
      operating businesses 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.
    
    
      About SurgiCount Medical, Inc.
    
    
      SurgiCount Medical, Inc. is a developer and manufacturer of patient 
      safety products and services including the Safety-Sponge™ 
      System. The 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. For more 
      information, please contact the company directly at 951-587-6201, or by 
      email at [e-mail] 
      or 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 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.