SANTA MONICA, Calif., June 30, 2005 (PRIMEZONE) -- Patient Safety Technologies, Inc. (AMEX:PST)("PST") announced today, following a decision made by the board of directors on June 30, 2005, that it will pursue a separate public listing for Ault Glazer Bodnar Capital, Inc. ("AGB Capital"), an entity recently formed to house the Company's non-patient safety related assets. AGB Capital will maintain separate financial statements, management and board of directors.
PST and AGB Capital will initiate the appropriate regulatory filings immediately and they hope to secure a public listing for AGB Capital early next year.
"Our ongoing dialogue with the medical community has revealed a greater than expected demand for patient safety innovation, which underscores the need to separate PST's non-healthcare assets from its core patient safety business," commented Todd Ault, PST's Chairman and CEO. "We believe AGB Capital's public listing will maximize its financial flexibility and allow PST to realize maximum value from those assets."
The executive officers of AGB Capital will include: Milton "Todd" Ault, III, CEO, William Horne, CFO, and Lynne Silverstein, Secretary. The board of directors will include: Milton "Todd" Ault, III, Chairman, William Horne, Melanie Glazer, Lynne Silverstein, and Alice Campbell. The sixth director, who has not been profiled in previous PST filings, is Steven Bodnar, who will serve as Vice Chairman. From April 2003 to present, Mr. Bodnar has been Managing Member of Bodnar Capital Management, LLC, a privately held capital management firm. Mr. Bodnar also serves as Managing Director of The Bodnar Investment Fund, a privately held investment fund. From 1991 to 2000, Mr. Bodnar was Vice President of Continental Motors, Inc., an automobile dealership which was sold to United Auto Group in October 2000.
Patient Safety Technologies, Inc. (PST) is a developer, manufacturer and content provider of patient safety products and services, working toward becoming the leader in the patient safety sector. Headquartered in Santa Monica, California, the company's flagship product is its Safety-Sponge(tm) System, which allows for faster and more accurate counting of surgical sponges. For more information on Patient Safety Technologies, Inc., please contact the company directly at (310) 752-1416, or by email at info@patientsafetytechnologies.com or http://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 "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 the Patient Safety Technologies filings with the Securities and Exchange Commission, including Patient Safety Technologies 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.