IRVINE, Calif., May 30, 2012 /PRNewswire/ -- SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCBB:PSTX,OTCQB:PSTX) today announced that it has been awarded a contract to provide its SurgiCount Safety-Sponge® System to the member facilities of HealthTrust Purchasing Group L.P. (HealthTrust), one of the largest group purchasing organizations in the U.S. Among other items, the agreement defines the terms under which the SurgiCount Safety-Sponge® System is made available to HealthTrust member facilities, which includes approximately 1,400 hospitals and 10,600 ambulatory surgical centers nationwide.
"We are pleased to partner with HealthTrust to offer its members a solution clinically proven to improve patient outcomes and reduce preventable costs. At a time of intensifying industry focus on the prevention of retained surgical sponges, all HealthTrust members will get access to the market leading solution to prevent this common but preventable surgical error," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc.
About HealthTrust Purchasing Group, L.P.
HealthTrust Purchasing Group, L.P., headquartered in Brentwood, Tenn., is a group purchasing organization that supports nearly 1,400 not-for-profit and for-profit acute care facilities, as well as 10,600 ambulatory surgery centers, physician practices, and alternate care sites. With an annual purchasing volume by its members of more than $20 billion, HealthTrust is committed to obtaining the best price for clinically recommended products, ensuring their timely delivery, and continuously evaluating and improving its services to the patients, physicians and clinicians it serves. The website is www.healthtrustpg.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. The Safety-Sponge® System is currently used in over 180 facilities across the U.S., including six of the 2011-2012 U.S. News and World Report Best Hospitals Honor Roll recipients. 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.
SOURCE Patient Safety Technologies, Inc.