IRVINE, Calif., Aug. 2, 2012 /PRNewswire/ -- SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCBB: PSTX, OTCQB: PSTX), today announced that use of its Safety-Sponge® System surpassed an estimated 100 million Safety-Sponges® successfully used in nearly 5 million procedures. Additionally, the company announced that current users of its solution include seven of the recently named 2012-13 U.S. News and World Report Best Hospitals Honor Roll.
"We applaud all of our users for their commitment to providing the highest standards of patient care and for helping us achieve this significant milestone," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc. "We would also like to take the opportunity to congratulate those customers of ours recognized by U.S. News and World Report on its 2012-13 Best Hospitals Honor Roll. It is with great pride that we count these hospitals among our users and that we have more users of our solution in this select group than all competing retained sponge solutions combined," continued Mr. Stewart.
The company also announced that the installed base of facilities using its Safety-Sponge® System grew to over 235, representing customer growth of approximately 140% since the beginning of 2012.
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 market leading solution to retained sponge prevention, the Safety-Sponge® System is currently used in over 230 facilities across the U.S., including seven of the 2012-2013 U.S. News and World Report Best Hospitals Honor Roll recipients, and there are over 35 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 SurgiCount Medical, Inc.