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Patient Safety Technologies Reports Fiscal 2010 Fourth Quarter and Full Year Results
Date:4/14/2011

ooking statements can be affected by many other factors, including, those described in the "Business", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Factors Affecting Future Results" sections of our Annual Report on Form 10-K for 2010, our Quarterly Reports on Form 10-Q and in our other public filings. These documents are available online through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and we have not assumed any duty to update any forward-looking statements.PATIENT SAFETY TECHNOLOGIES, INC.Consolidated Balance SheetsDecember 31,20102009AssetsCurrent assetsCash and cash equivalents$

1,896,034$

3,446,726Restricted cash223,630—Accounts receivable772,381906,136Inventory, net1,110,832565,823Prepaid expenses104,628207,598Total current assets4,107,5055,126,283Property and equipment, net979,833744,646Goodwill1,832,0271,832,027Patents, net2,789,0833,114,025Long-term investment—666,667Other assets39,03843,246Total assets$

9,747,486$

11,526,894Liabilities and Stockholders' Equity (Deficit) Current liabilitiesAccounts payable$

2,605,669$

2,043,166Accrued liabilities942,4721,242,876Convertible note payable—1,424,558Capital lease-current portion—19,330Warrant derivative liability991,6823,666,336Deferred revenue1,477,7208,099,144Total current liabilities6,017,54316,495,410Capital lease, less current portion—58,274Deferred tax liability—805,768Total liabilities6,017,54317,359,452Stockholders' equity (deficit)Total stockholders' equity (deficit)3,729,943(5,832,55)Total liabilities and stockholders' equity (deficit)$

9,747,486$

11,526,894PATIENT SAFETY TECHNOLOGIES, INC.Consolidated Statements of OperationsFor the Years Ended December 31,20102009Revenues$

14,797,013$

4,503,
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SOURCE Patient Safety Technologies, Inc.
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