SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): November 30, 2005
Patient
Safety Technologies, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or Other Jurisdiction
of
Incorporation)
|
333-124594
(Commission
File
Number)
|
13-3419202
(I.R.S.
Employer
Identification
Number)
|
100
Wilshire Blvd., Ste. 1750, Santa Monica, CA 90401
(Address
of principal executive offices) (zip code)
(310)
752-1416
(Registrant's
telephone number, including area code)
Marc
J.
Ross, Esq.
Sichenzia
Ross Friedman Ference LLP
1065
Avenue of the Americas
New
York,
New York 10018
Phone:
(212) 930-9700
Fax:
(212) 930-9725
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act
(17 CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b)
under
the Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c)
under
the Exchange Act (17 CFR 240.13e-4(c))
Item
8.01 Other Events.
On
November 30, 2005, Patient Safety Technologies, Inc. (the “Company”) issued a
press release announcing the expected amount of proceeds from its stock
appreciation rights held of Excelsior Radio Networks “Excelsior”). The Company
previously announced that Excelsior was sold to Lincolnshire Management for
approximately $60 million. The Company expects that its respective share of
the
proceeds from its stock appreciation rights in Excelsior will be approximately
$2.17 million. Such proceeds consist of cash of approximately $0.65 million,
a
note receivable of approximately $0.83 million and equity of approximately
$0.69
million. Additionally, in the event that Excelsior achieves certain milestones,
the Company could receive additional cash payments of up to approximately $0.66
million.
Item
9.01 Financial Statements and Exhibits.
(c)
Exhibits
|
Exhibit
Number
|
|
Description
|
|
99.1
|
|
Press
release issued November 30, 2005
|
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
|
Patient
Safety Technologies, Inc. |
| |
|
|
| |
|
|
| Dated: December 1, 2005 |
|
By:
/s/
Milton
Ault
|
| |
|
Name: Milton
“Todd” Ault, III |
| |
|
Title: Chief
Executive Officer |