IRVINE, Calif., June 14, 2012 /PRNewswire/ -- SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCBB:PSTX, OTCQB:PSTX) today announced that the installed base of facilities using its Safety-Sponge® System grew to over 200, representing customer growth of more than 104% since the beginning of 2012.
"We are excited to have more than doubled our installed base in less than six months and are hopeful that this is a sign of continued market adoption," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc. "We look forward to continuing to partner with an expanding list of hospitals to help make them safer places for both patients and staff. As the market leading and fastest growing retained sponge prevention solution, we believe the SurgiCount Safety-Sponge® System is uniquely positioned to become the standard of care," continued Mr. Stewart.
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. The Safety-Sponge® System is currently used in more than 200 facilities across the U.S., including six of the 2011-2012 U.S. News and World Report Best Hospitals Honor Roll recipients, and there are over 60 additional hospitals under contract with the company with a pending implementation date scheduled. 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 2011, 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 Patient Safety Technologies, Inc.
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