Patient Safety Technologies, Inc. Receives $1 Million Strategic Investment From Manufacturing Partner.A Plus International, Inc. Makes a Strategic Equity Investment in the Future of the Patented Safety-Sponge[TM] System LOS ANGELES -- Patient Safety Technologies, Inc. (AMEX AMEX See: American Stock Exchange :PST PST Paroxysmal supraventricular tachycardia, see there ) announced today that it has received a $1 Million strategic equity investment from A Plus International, Inc. ("A Plus"), the exclusive manufacturing partner of the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , SurgiCount Medical, Inc. A Plus received 800,000 shares of the Company's common stock and a warrant to purchase an additional 300,000 shares of the Company's common stock at an exercise price of $2.00 per share. A Plus supplies SurgiCount with data matrix tagged, bulk and sterile sponges for use with SurgiCount's patented Safety-Sponge[TM] System. By combining A Plus's manufacturing capabilities with SurgiCount's patented technology, this relationship should position both partners to capture a significant portion of the surgical gauze gauze (gawz) a light, open-meshed fabric of muslin or similar material. absorbable gauze gauze made from oxidized cellulose. market and modernize a significant component of the surgical process. "A Plus has evaluated different approaches to retained sponges over the past several years from a manufacturing standpoint and believes strongly in the SurgiCount Medical Safety-Sponge System. We have supported SurgiCount as a supply chain partner through their clinical trials and we feel their product is scalable on a mass production basis. We look forward to enjoying a more strategic relationship going forward," commented Wayne Lin, A Plus's President. "We are very excited about our strategic relationship with A Plus," said William B. Horne, PST's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Their manufacturing expertise, vertical infrastructure in dressing manufacturing and global supply chain capabilities will help accelerate SurgiCount Medical's growth in the Safety-Sponge marketplace." Operations are currently underway at A Plus to expand their Chinese-based manufacturing facilities to meet the anticipated demand for the Safety-Sponge product. A Plus is a multi-tiered manufacturer offering packaging, sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). , logistical, quality assurance, and regulatory compliance services. The mutually exclusive manufacturing agreement has a term of 8 years with options to renew. Founded in 1988, A Plus is a global leader in the manufacturing of surgical dressings, patient drapes drape v. draped, drap·ing, drapes v.tr. 1. To cover, dress, or hang with or as if with cloth in loose folds: draped the coffin with a flag; a robe that draped her figure. and surgical gowns and provides OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and support to the largest healthcare manufacturers and distributors in the world. A Plus's surgical dressing factory is FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. registered and ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. certified. About Patient Safety Technologies, Inc. Patient Safety Technologies operates as a holding company with investments in several operating businesses. Its operations currently focus on the acquisition and development of controlling interests in companies in the patient safety markets. Its principal investment is in SurgiCount Medical, Inc., a wholly-owned subsidiary. About SurgiCount Medical, Inc. SurgiCount Medical, Inc. is a developer and manufacturer of patient safety products and services including the Safety-Sponge[TM] System. The 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. For more information, please contact the company directly at 951-587-6201, or visit www.surgicountmedical.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 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. . These forward-looking statements are only made as of the date of this press release and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. |
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