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Patient Safety Technologies, Inc. (AMEX:PST) announced
today that Surgicount Medical, Inc. will remain a wholly owed
subsidiary of Patient Safety Technologies, Inc. ("PST"). PST's Board
of Directors, with help and careful consideration from its advisors,
determined that Surgicount Medical should remain a subsidiary of PST
to maximize the value of PST's investment in Surgicount.
"The holding company structure allows PST to position Surgicount
Medical for a partnership, joint venture and even sale of Surgicount
to many possible strategic partners and or purchasers. Surgicount's
market is so large and needs the complete attention of Bill Adams and
Rick Bertran, and this will allow them to stay completely focused on
the task of Surgicount Medical," said Arnold Spangler, Director of
PST.
Surgicount Medical will operate as it has in the past, as a
separate company with its own Management team and Board of Directors.
Recently Surgicount Medical entered into a three-year agreement with
INTEGRIS Baptist Medical Center in Oklahoma City to provide the
facility with its patented Safety-Sponge(TM) System. The company has
received an initial purchase order from INTEGRIS, Oklahoma's largest
not-for-profit health care organization, for the 19 operating rooms at
their flagship unit. This is the first hospital in the world to order
and install the Surgicount Safety-Sponge System.
Dr. Louis Glazer will retire as CEO of PST for medical reasons,
and the former CEO and Chairman, Milton "Todd" Ault III, will take
over as CEO immediately. Mr. Ault has agreed to return as a Board
member and CEO of the holding company, PST. Mr. Ault will receive $1
dollar a year as the CEO in cash compensation for the next year.
Dr. Glazer was recently named to the inaugural Executive Council
of the Center for Patient Safety Research and Practice at the Brigham
and Women's Hospital and Harvard Medical School and will continue to
serve on the Council.
"It's time to make Surgicount Medical's Safety-Sponge System the
standard of care in all the hospitals that understand Patient Safety
issues. I have so much confidence in Bill Adams as Chairman and CEO of
Surgicount and Rick Bertran continues to deliver the results as
President of Surgicount," said Todd Ault, the newly elected CEO of
PST.
Surgicount Medical received FDA 510(k) clearance to market and
sell its Safety-Sponge System in March 2006. The Safety-Sponge System
is an integrated turn-key program of thermally affixed, data matrix
tagged surgical sponges, line-of-sight scanning technology, and
documentation that offers surgeons and hospitals a solution to
Gossypiboma -- the term for surgical sponges accidentally left inside
a human body after surgery. Based on estimates and assumptions made by
PST management, Gossypiboma occurs in an estimated 3,000 to 5,000
surgical procedures each year in the United States alone, and
liability settlements and other costs related to retained sponges
amount to an estimated $500 million to $750 million annually. The
Safety-Sponge System is the only computer-assisted system for counting
sponges cleared by the FDA.
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.
About 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.
About Surgicount Medical, Inc.
Surgicount Medical, Inc. is a developer and manufacturer of
patient safety products and services. For more information, please
contact the company directly at 951-587-6201, or by email at
info@surgicountmedical.com 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.