UNITED STATES
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): January 5, 2007
PATIENT SAFETY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-124594 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)
Copies to:
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 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.
Effective January 5, 2007, Milton "Todd" Ault, III, resigned as Chief
Executive Officer of the Company and on January 9, 2007 Mr. Ault resigned as
Chairman of the Board and from his position as a member of the Company's Board
of Directors ("Board"). Also as of January 9, 2007, the Board appointed Arnold
Spangler, a current member of the Board, as its Interim Chairman and appointed
William B. Horne, Chief Financial Officer of the Company, as Chief Executive
Officer of the Company and as a member of the Board. Mr. Horne will continue to
act as the Company's Chief Financial Officer. A copy of the press release
announcing the change in directors and officers is attached hereto.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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99.1 Press Release issued by Patient Safety Technologies, Inc. on
January 11, 2007 (filed herewith)
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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: January 11, 2007 By: /s/ Lynne Silverstein
-----------------------------
Name: Lynne Silverstein
Title: President
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