Unassociated Document
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): October 23, 2006
Patient
Safety Technologies, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-09727
|
13-3419202
|
|
(State
or Other
Jurisdiction
|
(Commission
File
|
(I.R.S.
Employer
|
|
of
Incorporation)
|
Number)
|
Identification
Number)
|
1800
Century Park East, Ste. 200, Los Angeles, CA 90067
(Address
of principal executive offices) (zip code)
(310)
895-7750
(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
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
October 23, 2006, Patient Safety Technologies, Inc. (the “Company”) received
notice from the staff of the American Stock Exchange (“AMEX”) indicating that it
intends to strike the Company’s common stock from listing on AMEX by filing a
delisting application with the Securities and Exchange Commission. In its
letter, AMEX stated that it has determined that the Company has failed to comply
with certain continued listing standards in that it does not meet the exchange’s
stockholders equity requirements and is financially impaired. In addition,
the
Company failed to pay certain listing fees, and issued securities without prior
approval of the exchange.
The
Company intends to appeal AMEX’s determination by requesting a hearing in
accordance with appropriate procedures as outlined by the Amex Company Guide,
and will request AMEX’s approval to continue trading during the appeal process.
If unsuccessful on appeal, the Company intends to continue to trade on another
public exchange.
A
copy of
the press release announcing the receipt of the AMEX notice is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Item
5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
Effective
October 24, 2006, Lynne Silverstein resigned as the interim Chief Executive
Officer and a member of the Board of Directors (the “Board”) of the Company, but
will continue to serve as the President of the Company, and Louis Glazer
resigned as Chairman of the Board, but will continue to serve as a member
of the
Board. In addition, on October 24, 2006, the Board appointed Milton “Todd” Ault,
III as the Company’s Chief Executive Officer and as a member and Chairman of the
Board to fill the vacancies created. Mr. Ault has previously served as the
interim Chief Executive Officer and a director of the Company prior to his
resignation from said positions, effective September 29, 2004.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit
Number
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Description
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| |
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99.1
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Press
release issued by Patient Safety Technologies, Inc. on October 27,
2006
(Filed herewith)
|
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.
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|
|
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Patient
Safety Technologies, Inc. |
|
|
|
| Dated:
October 27,
2006 |
By: |
/s/
Lynne
Silverstein |
| |
Name: Lynne
Silverstein |
| |
Title: President |