SANTA MONICA, Calif., Sept. 8, 2005 (PRIMEZONE) -- Patient Safety Technologies, Inc. (AMEX:PST) announced today that it has decided to postpone implementation of its previously disclosed decision to pursue a separate public listing of its subsidiary Ault Glazer Bodnar Merchant Capital, Inc. (formerly, Ault Glazer Bodnar Capital, Inc.). Ault Glazer Bodnar Merchant Capital, Inc. was formed earlier this year to hold PST's non-patient safety related assets.
"We still intend to make PST a pure play healthcare and medical products company, however we feel that in reaching this objective, there may be better alternatives to seeking a separate public listing for our non-core assets," commented Milton "Todd" Ault III, PST Chairman and CEO. "The separation of these assets is central to PST's corporate strategy and we are placing high priority on arriving at and implementing a decision."
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 helps in reducing the number of retained sponges and towels in patients during surgical procedures and 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.