PST ProShares UltraShort Lehman 7 10 Year Treasury

Patient Safety Technologies, Inc. (AMEX:PST) announced today that Surgicount Medical, Inc. will remain a wholly owed subsidiary of Patient Safety Technologies, Inc. ("PST"). PST's Board of Directors, with help and careful consideration from its advisors, determined that Surgicount Medical should remain a subsidiary of PST to maximize the value of PST's investment in Surgicount. "The holding company structure allows PST to position Surgicount Medical for a partnership, joint venture and even sale of Surgicount to many possible strategic partners and or purchasers. Surgicount's market is so large and needs the complete attention of Bill Adams and Rick Bertran, and this will allow them to stay completely focused on the task of Surgicount Medical," said Arnold Spangler, Director of PST. Surgicount Medical will operate as it has in the past, as a separate company with its own Management team and Board of Directors. Recently Surgicount Medical entered into a three-year agreement with INTEGRIS Baptist Medical Center in Oklahoma City to provide the facility with its patented Safety-Sponge(TM) System. The company has received an initial purchase order from INTEGRIS, Oklahoma's largest not-for-profit health care organization, for the 19 operating rooms at their flagship unit. This is the first hospital in the world to order and install the Surgicount Safety-Sponge System. Dr. Louis Glazer will retire as CEO of PST for medical reasons, and the former CEO and Chairman, Milton "Todd" Ault III, will take over as CEO immediately. Mr. Ault has agreed to return as a Board member and CEO of the holding company, PST. Mr. Ault will receive $1 dollar a year as the CEO in cash compensation for the next year. Dr. Glazer was recently named to the inaugural Executive Council of the Center for Patient Safety Research and Practice at the Brigham and Women's Hospital and Harvard Medical School and will continue to serve on the Council. "It's time to make Surgicount Medical's Safety-Sponge System the standard of care in all the hospitals that understand Patient Safety issues. I have so much confidence in Bill Adams as Chairman and CEO of Surgicount and Rick Bertran continues to deliver the results as President of Surgicount," said Todd Ault, the newly elected CEO of PST. Surgicount Medical received FDA 510(k) clearance to market and sell its Safety-Sponge System in March 2006. The Safety-Sponge System is an integrated turn-key program of thermally affixed, data matrix tagged surgical sponges, line-of-sight scanning technology, and documentation that offers surgeons and hospitals a solution to Gossypiboma -- the term for surgical sponges accidentally left inside a human body after surgery. Based on estimates and assumptions made by PST management, Gossypiboma occurs in an estimated 3,000 to 5,000 surgical procedures each year in the United States alone, and liability settlements and other costs related to retained sponges amount to an estimated $500 million to $750 million annually. The Safety-Sponge System is the only computer-assisted system for counting sponges cleared by the FDA. About Patient Safety Technologies, Inc. Patient Safety Technologies operates as a holding company with separate operating business and separate CEOs running each business. The flagship of those businesses is Surgicount Medical, Inc. PST also wholly owns Automotive Services Group, Inc., along with many minority investments in public and private companies. There are also various pieces of real estate in PST's portfolio. About the Safety-Sponge(TM) System Surgicount Medical's 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. No change is required in a hospital's established counting procedures: sponges are counted and recorded by the system at the beginning of the procedure and again as they are removed from the patient. About Surgicount Medical, Inc. Surgicount Medical, Inc. is a developer and manufacturer of patient safety products and services. For more information, please contact the company directly at 951-587-6201, or by email at info@surgicountmedical.com 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 and quarterly reports on Form 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.