Patient Safety Technologies' SurgiCount Medical Subsidiary Receives Unsolicited Buy-Out Offer
October 27 2006 - 11:32AM
Business Wire
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.
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