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Patient Safety Technologies, Inc. (AMEX:PST) announced today that on October 22, 2006 the Company received an unsolicited offer to purchase SurgiCount Medical, the company๏ฟฝs wholly owned subsidiary and manufacturer of the patented and FDA approved Safety-Sponge๏ฟฝ System, for an undisclosed amount. PST was also notified in writing by another party on October 25, 2006 of its interests in acquiring SurgiCount. While PST had planned to spin-off SurgiCount, the Board is presently evaluating the current expressed interests. PST has not entered into any letters of intent or similar preliminary agreements with these parties and there can be no assurance that any such agreement will be entered into. Moreover, completion of any sale of SurgiCount will be subject to negotiation of a definitive agreement, due diligence and other conditions. On October 24, 2006, the Board of PST re-appointed Milton ๏ฟฝTodd๏ฟฝ Ault III to Chairman and Chief Executive Officer of the Company due to the fluid and complex nature of events unfolding at the Company. Previously, the Company had announced its intention to merge with a viable candidate for PST. The Company believes that in light of the buy-out offers, the Company must evaluate all possible venues. PST is currently in negotiations to hire an outside, unaffiliated investment banking firm to advise on a potential sale or other alternatives available to PST regarding SurgiCount. There can be no guarantee that SurgiCount will be sold. About SurgiCount and the Safety-Sponge๏ฟฝ 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. For more information, visit www.surgicountmedical.com. About Patient Safety Technologies, Inc. Patient Safety Technologies, Inc. (PST) is a holding company that owns assets in various businesses. Its wholly-owned subsidiary, SurgiCount Medical, Inc., is a developer and manufacturer of patient safety products and services. For more information on Patient Safety Technologies, Inc., please contact the company directly at 310-895-7750, or by email at info@patientsafetytechnologies.com or www.patientsafetytechnologies.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 Patient Safety Technologies 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 Patient Safety Technologies does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Patient Safety Technologies, Inc. (AMEX:PST) announced today that on October 22, 2006 the Company received an unsolicited offer to purchase SurgiCount Medical, the company's wholly owned subsidiary and manufacturer of the patented and FDA approved Safety-Sponge(TM) System, for an undisclosed amount. PST was also notified in writing by another party on October 25, 2006 of its interests in acquiring SurgiCount. While PST had planned to spin-off SurgiCount, the Board is presently evaluating the current expressed interests. PST has not entered into any letters of intent or similar preliminary agreements with these parties and there can be no assurance that any such agreement will be entered into. Moreover, completion of any sale of SurgiCount will be subject to negotiation of a definitive agreement, due diligence and other conditions. On October 24, 2006, the Board of PST re-appointed Milton "Todd" Ault III to Chairman and Chief Executive Officer of the Company due to the fluid and complex nature of events unfolding at the Company. Previously, the Company had announced its intention to merge with a viable candidate for PST. The Company believes that in light of the buy-out offers, the Company must evaluate all possible venues. PST is currently in negotiations to hire an outside, unaffiliated investment banking firm to advise on a potential sale or other alternatives available to PST regarding SurgiCount. There can be no guarantee that SurgiCount will be sold. About SurgiCount and 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. For more information, visit www.surgicountmedical.com. About Patient Safety Technologies, Inc. Patient Safety Technologies, Inc. (PST) is a holding company that owns assets in various businesses. Its wholly-owned subsidiary, SurgiCount Medical, Inc., is a developer and manufacturer of patient safety products and services. For more information on Patient Safety Technologies, Inc., please contact the company directly at 310-895-7750, or by email at info@patientsafetytechnologies.com or www.patientsafetytechnologies.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 Patient Safety Technologies 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 Patient Safety Technologies does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.