UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Commission File Number: 000-33067
CUSIP Number: 70322H106
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 2006
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended :________________________
Read attached instruction sheet before preparing form. Please print or
type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification related to a portion of the filing checked above,
identify the item(s) to which the notification relates:
PART I
REGISTRANT INFORMATION
Full name of registrant: Patient Safety Technologies, Inc.
Former name if applicable: ___________________________________________
Address of principal executive office (street and number): 1800 Century Park
East, Suite 200
City, state and zip code: Los Angeles, California 90067
PART II
RULE 12b-25 (b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
|X| (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense.
|X| (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 20-F, 11-K or Form N-SAR, or portion
thereof will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q or portion thereof
will be filed on or before the fifth calendar day following
the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c)has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period.
The Company's Quarterly Report on Form 10-QSB for the quarterly period
ended June 30, 2006 cannot be filed within the prescribed time period because
the Company requires additional time for compilation and review to insure
adequate disclosure of certain information required to be included in the Form
10-QSB. The Company's Quarterly Report on Form 10-QSB will be filed on or before
the 5th calendar day following the prescribed due date.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
William B. Horne, Chief Financial Officer, (310) 895-7750
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(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that
the registrant was required to file such report(s) been filed? If the
answer is no, identify report(s)
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reason why a reasonable
estimate of the results cannot be made.
Patient Safety Technologies, Inc. (the "Company") anticipates that its
revenue for the three and six months ended June 30, 2006 is significantly
less that its revenue for the three and six months ended June 30, 2005.
The decrease in revenue is primarily the result of the transfer to the
Company of 500,000 shares of common stock of IPEX, Inc. ("IPEX") in
exchange for consulting services rendered by the Company to IPEX during
the quarter ended June 30, 2005. The Company anticipates that its
operating expenses and net loss for the three and six months ended June
30, 2006 are significantly greater than the expenses and net loss for the
three and six months ended June 30, 2005. The increase in operating
expenses for the three and six months ended June 30, 2006 when compared to
June 30, 2005, was primarily the result of stock based compensation
expenses, and to a lesser extent salaries and employee benefits, and
interest expense. Net loss increased for the three and six months ended
June 30, 2006 compared to the three and six months ended June 30, 2005
primarily as a result of a significant increase in operating expenses.
A reasonable estimate of the results cannot be made at this time due to
the fact that the compilation, dissemination and review of the information
required to be presented in the Form 10-Q has not been completed.
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Patient Safety Technologies, Inc.
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(Name of Registrant as specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: August 14, 2006 By: /s/ William B. Horne
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William B. Horne
Chief Financial Officer
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