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Patient Safety Technologies, Inc. (AMEX:PST) announced today that on
October 22, 2006 the Company received an unsolicited offer to purchase
SurgiCount Medical, the company’s wholly
owned subsidiary and manufacturer of the patented and FDA approved
Safety-Sponge™ System, for an undisclosed
amount. PST was also notified in writing by another party on October 25,
2006 of its interests in acquiring SurgiCount. While PST had planned to
spin-off SurgiCount, the Board is presently evaluating the current
expressed interests. PST has not entered into any letters of intent or
similar preliminary agreements with these parties and there can be no
assurance that any such agreement will be entered into. Moreover,
completion of any sale of SurgiCount will be subject to negotiation of a
definitive agreement, due diligence and other conditions.
On October 24, 2006, the Board of PST re-appointed Milton “Todd”
Ault III to Chairman and Chief Executive Officer of the Company due to
the fluid and complex nature of events unfolding at the Company.
Previously, the Company had announced its intention to merge with a
viable candidate for PST. The Company believes that in light of the
buy-out offers, the Company must evaluate all possible venues. PST is
currently in negotiations to hire an outside, unaffiliated investment
banking firm to advise on a potential sale or other alternatives
available to PST regarding SurgiCount. There can be no guarantee that
SurgiCount will be sold.
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.
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.
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) announced today that
on October 22, 2006 the Company received an unsolicited offer to
purchase SurgiCount Medical, the company's wholly owned subsidiary and
manufacturer of the patented and FDA approved Safety-Sponge(TM)
System, for an undisclosed amount. PST was also notified in writing by
another party on October 25, 2006 of its interests in acquiring
SurgiCount. While PST had planned to spin-off SurgiCount, the Board is
presently evaluating the current expressed interests. PST has not
entered into any letters of intent or similar preliminary agreements
with these parties and there can be no assurance that any such
agreement will be entered into. Moreover, completion of any sale of
SurgiCount will be subject to negotiation of a definitive agreement,
due diligence and other conditions.
On October 24, 2006, the Board of PST re-appointed Milton "Todd"
Ault III to Chairman and Chief Executive Officer of the Company due to
the fluid and complex nature of events unfolding at the Company.
Previously, the Company had announced its intention to merge with
a viable candidate for PST. The Company believes that in light of the
buy-out offers, the Company must evaluate all possible venues. PST is
currently in negotiations to hire an outside, unaffiliated investment
banking firm to advise on a potential sale or other alternatives
available to PST regarding SurgiCount. There can be no guarantee that
SurgiCount will be sold.
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.
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.
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.