Attached files
| file | filename |
|---|---|
| 8-K - Patient Safety Technologies, Inc | v189267_8k.htm |
| EX-4.1 - Patient Safety Technologies, Inc | v189267_ex4-1.htm |
| EX-10.2 - Patient Safety Technologies, Inc | v189267_ex10-2.htm |
| EX-10.5 - Patient Safety Technologies, Inc | v189267_ex10-5.htm |
| EX-10.3 - Patient Safety Technologies, Inc | v189267_ex10-3.htm |
| EX-10.1 - Patient Safety Technologies, Inc | v189267_ex10-1.htm |
| EX-10.4 - Patient Safety Technologies, Inc | v189267_ex10-4.htm |
Patient
Safety Technologies Completes $6.0 Million Equity Financing
Company
Hires New Chief Executive Officer
Newtown,
PA, June 25, 2010. Patient Safety Technologies, Inc. (OTCBB:
PSTX) (the “Company”) announced today the closing of a $6.0 million private
placement financing. The new capital will primarily be used to fund
working capital and the continued growth of the Company.
Additionally,
Brian E. Stewart has been appointed as President, Chief Executive Officer and
Board Member of the Company. Mr. Stewart is the co-founder of
SurgiCount Medical, the Company’s primary operating subsidiary, and co-inventor
of the Safety-Sponge®
System. Additionally, Mr. Stewart brings over 15 years of experience
financing and advising both public and private companies in addition to his
experience as VP Business Development of SurgiCount Medical. “I look
forward to leading the Company at this exciting time. With an ever
increasing customer base validating the effectiveness of the Safety-Sponge® System, top-tier
supply chain partners and a strengthened balance sheet, I believe we are well
positioned to become the standard of care for addressing one of the most common
errors in surgery, retained surgical sponges,” said Mr. Stewart.
Prior to
the appointment of Mr. Stewart as CEO and Director, Messrs. Chase, McFarland,
Bauer and Hitchcock resigned as Directors and Steven Kane resigned as a
Director, President and Chief Executive Officer. The Board of
Directors now consists of Brian Stewart, Wayne Lin, John Francis, Louis Glazer
and Herbert Langsam.
In
connection with the financing, certain of the stockholders who previously called
for a special meeting of stockholders requesting the removal of certain
directors have withdrawn such demand. As a result, under the
Company’s by-laws, the demand is no longer in effect.
Additional
details on the transaction will be provided in an upcoming Form 8-K filing with
the Securities and Exchange Commission.
About
Patient Safety Technologies, Inc. and SurgiCount Medical, Inc.
Patient
Safety Technologies, Inc., through its wholly owned operating subsidiary
SurgiCount Medical, Inc., provides the Safety-Sponge® System, a system
designed to improve the standard of patient care and reduce healthcare costs by
preventing the occurrence of surgical sponges and other foreign objects from
being left inside patients after surgery. Retained Foreign Objects
(RFOs) are among one of the most common surgical errors.
For more
information regarding the Safety-Sponge® System, contact
SurgiCount at (877) 520-2300, or visit www.surgicountmedical.com.
Safe Harbor for Forward-Looking
Statements:
Any
statements that are not historical facts contained in this release are
forward-looking statements. Actual results may differ materially from those
projected or implied in any forward-looking statements. Such statements involve
risks and uncertainties, including but not limited to: risks relating to product
and customer demand; the effect of economic conditions both nationally and
internationally; the ability to protect our intellectual property rights; the
impact of any litigation or infringement actions brought against us; competition
from other providers and products; risks in product development; our ability to
raise capital to fund continuing operations; the ability to complete
transactions; and other factors discussed from time to time in the Company’s
Securities and Exchange Commission filings. The Company undertakes no obligation
to update or revise any forward-looking statement for events or circumstances
after the date on which such statement is made except as required by
law.
Important
Information
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. The
shares of convertible preferred stock have been sold pursuant to an exemption
from state and federal securities laws.
Media
Contact:
Marc L.
Rose
Office:
(215) 579-7789
mrose@surgicountmedical.com