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Patient Safety Technologies, Inc. Reports Record Fourth Quarter and 2009 Year End Results

Thursday, April 1, 2010 General News J E 4
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Fourth Quarter 2009 Revenues Increased 85% to $1.56 million and 2009 Annual Revenues Increased 62% to $4.50 million

PATIENT SAFETY TECHNOLOGIES, INC.

BALANCE SHEET

Consolidated Balance Sheets

For the Year Ended

December 31,

                                                                                                                                                          2009

2008

Assets

Current assets:

    Cash and cash equivalents

$          3,446,726

$             296,185

    Accounts receivable

906,136

418,525

    Inventories, net

565,823

199,909

    Prepaid expenses

207,598

187,551

         Total current assets

5,126,283

1,102,170

Restricted certificate of deposit

93,630

Notes receivable

121,065

Property and equipment, net

744,646

622,410

Goodwill

1,832,027

1,832,027

Patents, net

3,114,025

3,438,966

Long-term investment

666,667

666,667

Other assets

43,246

37,481

         Total assets

$        11,526,894

$          7,914,416

Liabilities and Stockholders' (Deficit) Equity

Current liabilities

    Accounts payable

$          2,043,166

$             909,333

    Current portion of convertible note

1,424,558

1,424,558

    Current portion of notes payable

1,100,000

    Current portion of capital lease

19,330

    Warrant derivative liability

3,666,336

1,761,878

    Deferred revenue

8,099,144

    Accrued liabilities

1,242,876

1,595,628

         Total current liabilities

16,495,410

6,791,397

    Long-term convertible notes, less current portion

51,377

    Long-term capital lease, less current portion

58,274

    Deferred tax liability

805,768

1,042,400

         Total liabilities

17,359,452

7,885,174

Commitments and contingencies (Note 18)

Stockholders' (deficit) equity:

    Series A preferred stock, $1.00 par value, cumulative 7% dividend:

         1,000,000 shares authorized; 10,950 issued and outstanding at December 31, 2009 and December 31, 2008;

         (Liquidation preference of $1.2 million at December 31, 2009 and December 31,  2008)

10,950

10,950

    Common stock, $0.33 par value: 100,000,000 shares authorized;

         23,456,063 shares issued and outstanding at December 31, 2009;

         17,197,511 shares issued and outstanding at December 31, 2008

7,740,501

5,675,298

    Additional paid-in capital

44,834,321

36,033,542

    Accumulated deficit

(58,418,330)

(41,690,548)

         Total stockholders' (deficit) equity

(5,832,558)

29,242

         Total liabilities and stockholders' (deficit) equity

$        11,526,894

$          7,914,416

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