Business Services Industry
Patient Safety Technologies, Inc. Announces Strategic Alliance with Health West Marketing
Business Wire, April 5, 2005
SANTA MONICA, Calif. -- Patient Safety Technologies, Inc. (AMEX:PST) announced today that it has entered into an exclusive agreement with Health West Marketing (Health West), after a three year working relationship with the company. SurgiCount Medical, Inc., a wholly-owned subsidiary of Patient Safety Technologies, has engaged Health West's services to assist in establishing a comprehensive manufacturing and distribution strategy of their Safety-Sponge(TM) System worldwide.
According to the terms of the contract, Health West will partner SurgiCount Medical with a regional supplier(s) that will facilitate the initial product roll out and follow through of the product solicitation at the Acute Care, Integrated Delivery Network (IDN), Integrated Healthcare Network (IHN) and Group Purchasing Organization (GPO) levels. Once established, the Company believes this structure will allow for the future penetration of national and global markets.
President and CEO of Health West, Bill Adams, said "I am very excited about the impact that the SurgiCount sponge-counting system can have on the very critical issue of retained sponges. I believe the technology SurgiCount is bringing to the healthcare industry will ultimately become the standard of care for successfully tracking dressings through a surgical procedure. Once implemented, this patient safety technology will save time, money, reputations and lives."
Health West will orchestrate the coordination between SurgiCount Medical and A Plus International, a world-class producer, manufacturer, and supplier of surgical dressings. A Plus International will ensure product specification, sterilization issues, machine and packaging validations and product inventory consistent to support growth and an overseas supply chain, including storage, handling and logistics. This will include all future product ISO certifications, 510K requirements, FDA regulations, product lot control and recall capabilities.
Adams has 25 years of experience in the health care industry and the disposable medical supply business. As the President of Health West Marketing since its inception in 1983, Adams pioneered the introduction of custom procedure trays into the acute care supply chain. Additionally, Adams is one of the industry's leaders in taking advantage of global economics through the introduction of external manufacturing in China with A Plus International.
"We are ecstatic with the development of this long-term relationship with Bill Adams," said Milton "Todd" Ault, III, Chairman and CEO of Patient Safety Technologies. "To have such a successful and proven veteran in the sponge manufacturing industry put his stamp of approval on our product, truly validates our vision in the value and need of this product in the medical field. It strengthens our belief that SurgiCount's Safety-Sponge(TM) System will one day become the standard of care."
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Patient Safety Technologies "expects," "should," "believes," "anticipates" or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in the Patient Safety Technologies filings with the Securities and Exchange Commission, including Patient Safety Technologies annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and Patient Safety Technologies does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Health West Marketing is a privately held California corporation that was incorporated in 1983. The function of the company is to provide consulting advice to organizations who are trying to establish themselves in the medical industry.
Patient Safety Technologies, Inc. ("PST") is a developer, manufacturer and content provider of patient safety products and services, working toward becoming the leader in the patient safety sector. Headquartered in Santa Monica, California, PST is assembling a world-class Advisory Board of leading patient safety experts. The company is concentrating on surgical safety to support its newly acquired subsidiary, SurgiCount Medical, Inc., a developer of patient safety devices. SurgiCount features the Safety-Sponge(TM) System, which allows for faster and more accurate counting of surgical sponges. For more information on Patient Safety Technologies, Inc., please contact the company directly at (310) 752-1416, or by email at info@patientsafetytechnologies.com or www.patientsafetytechnologies.com.
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