SurgiCount Medical Announces Agreement With Premier Healthcare Alliance
IRVINE, Calif., Nov. 17, 2011 /PRNewswire/ -- SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCBB: PSTX, OTCQB: PSTX) today announced that it has signed an agreement with the Premier healthcare alliance. A collaboration of more than 2,500 hospitals and 78,000-plus other healthcare sites, the Premier healthcare alliance seeks to lead the transformation to high quality, cost effective care. Among other items, the agreement provides for the terms under which members of the Premier healthcare alliance can access the SurgiCount Safety-Sponge®, a solution clinically proven to help eliminate one of the most common yet preventable surgical errors, retained surgical sponges.
To date, over an estimated 60 million Safety-Sponges® have been successfully used in more than 3 million surgical procedures. Current users include six of the 2011-2012 U.S. News and World Report Best Hospitals Honor Roll recipients and total hospitals using the Safety-Sponge® System, including those under contract and pending scheduled implementation exceeds 230. This total user base represents more Best Hospital Honor Roll recipients and total known users than that of all other retained sponge technology solutions combined.
"We are proud to partner with Premier to provide their alliance members the opportunity to do what we have helped all our current users do, improve their patient outcomes and reduce their preventable costs. We look forward to the partnership and to helping Premier members achieve their quality and cost objectives," stated Brian E. Stewart, President and CEO of Patient Safety Technologies, Inc.
About Patient Safety Technologies, Inc. and SurgiCount MedicalPatient Safety Technologies, Inc., through its wholly-owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution proven to improve patient safety and reduce healthcare costs by preventing one of the most common errors in surgery, retained foreign objects. 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: our ability to implement in all hospitals within the larger hospitals organizations with which we have agreements, our ability to implement in those hospitals with which we have scheduled implementations, 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. SOURCE SurgiCount Medical, Inc.
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