Expanded U.S. News and World Report Best Hospitals Honor Roll recipients under contract
Product usage surpasses 75 million Safety-Sponges® successfully used in over 3.6 million procedures
Company to present at the 24th Annual ROTH Conference
IRVINE, CA, March 12th, 2012 – SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCBB:PSTX, OTCQB:PSTX) today announced that the number of institutions currently using its SurgiCount Safety-Sponge® System has surpassed 135. Over 57 new facilities have been successfully implemented since the end of the third quarter of 2011, representing approximately 72% growth in SurgiCount’s installed base of users during that time. Additionally, the Company has signed agreements with additional stand-alone hospitals and hospital systems representing an additional 120 facilities, the majority of which are currently scheduled to implement in the first half of 2012. This expanded user base brings the total hospitals currently using the Safety-Sponge® System and those covered by signed agreements and expected implementations to over 255.
Included in the additional facilities with signed agreements and expected implementation dates is an additional 2011-2012 U.S. News and World Report Best Hospital Honor Roll recipient, raising to seven the total number of 2011-2012 U.S. News and World Report Best Hospital Honor Roll recipients using the SurgiCount Safety-Sponge® System.
Additionally, the Company announced that use of the SurgiCount Safety-Sponge® System recently surpassed an estimated 75 million Safety-Sponges® successfully used in more than 3.6 million procedures.
“We are proud to partner with our ever expanding list of customers in an effort to offer their patients the highest standards of care, afford their surgical staff the best protection available and reduce their preventable costs. With more known user hospitals, more Best Hospitals Honor Roll recipients and more successful procedures than all competitive solutions combined, we believe the SurgiCount Safety-Sponge® System continues to further establish itself as the clear market leader in retained sponge prevention,” stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc.
The company also announced that it will be presenting at the 24th Annual Roth Conference today, March 12th at 5:00 PM Pacific Time, in Laguna Niguel, CA. A copy of the presentation to be given and a webcast of the presentation itself will be made accessible on the company’s website, www.surgicountmedical.com.
About Patient Safety Technologies, Inc. and SurgiCount Medical
Patient Safety Technologies, Inc., through its wholly-owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution clinically proven to improve patient safety and reduce healthcare costs by helping eliminate one of the most common errors in surgery, retained surgical sponges. For more information, contact SurgiCount Medical, Inc. at (949) 387-2277 or visit www.surgicountmedical.com.
Forward Looking Statements
Statements in this press release regarding our business that are not historical facts are “forward-looking statements” (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties. Forward-looking statements reflect our management’s current views with respect to future events and financial performance; however, you should not put undue reliance on these statements. When used, the words “anticipates,” “believes,” “expects,” “intends,” “future,” and other similar expressions, without limitation, identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include but are not limited to: the ability to successfully implement hospitals under contract but yet implemented, the early stage of adoption of our Safety-Sponge® System and the need to expand adoption of our Safety-Sponge® System; the impact on our future revenue and cash flows from the ordering patterns of our exclusive distributor Cardinal Health; our need for additional financing to support our business; our reliance on third-party manufacturers, some of whom are sole-source suppliers, and on our exclusive distributor; and any inability to successfully protect our intellectual property portfolio. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct.
Forward-looking statements can be affected by many other factors, including, those described in the “Business”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Factors Affecting Future Results” sections of our Annual Report on Form 10-K for 2010, our Quarterly Reports on Form 10-Q and in our other public filings. These documents are available online through the SEC’s website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and we have not assumed any duty to update any forward-looking statements.