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Patient Safety Technologies, Inc. (AMEX:PST) announced today that its Board of Directors has appointed Louis Glazer M.D., Ph.G, Chairman and Chief Executive Officer where he will oversee the anticipated transition from a company with diversified interests to a dedicated healthcare and patient safety holding company. Dr. Glazer will take over for current Chairman and CEO Milton "Todd" Ault III. Since January 2005, Dr. Glazer has served as the Company's Chief Health and Science Officer, overseeing the development of the Company's Safety-Sponge(TM) retained sponge incident reducing system, and as Vice-Chairman of the Board. Until 2002, he served as the chief anesthesiologist and medical director for the Vitreo-Retinal Clinic in Memphis, TN. Prior to that, he taught obstetrics anesthesia at the University of Tennessee while practicing anesthesiology at numerous hospitals in Tennessee. Dr. Glazer received his B.S. in pharmacy from the University of Oklahoma and an M.D. from the University of Bologna School of Medicine in Italy. "With the Company in the final stretch of its transition to a pure-play healthcare company, it is important that senior management consist of dedicated healthcare professionals," commented Ault. "Having achieved our intended objective of transforming what was then known as Franklin Capital Corp. from a BDC to a healthcare and patient safety holding company with high growth opportunities for its operating companies, I am thrilled to be leaving the Company in such skilled and experienced hands." Since changing its status from a Business Development Company under the Investment Company Act of 1940 to an holding company and acquiring its flagship, the Safety-Sponge System, the Company has been engaged in a program to divest itself of legacy and non-core, non-healthcare assets. In recent months it has completed the sale of its radio interests and some of its real estate holdings, and Digicorp, its portfolio company, has completed an acquisition of a film distribution company. Management plans to accomplish the divestiture of remaining non-core assets in the first half of 2006. "Todd's achievements as CEO of PST are numerous," stated Lynne Silverstein, PST President. "With the acquisition of SurgiCount Medical and the acquisition and disposition of other assets, under Todd's leadership, we have built a holding company with bright prospects and achieved substantial asset value for our stockholders. We are very grateful to Mr. Ault for his dedication over the past two years." About Patient Safety Technologies, Inc. Patient Safety Technologies, Inc. (PST) is a holding company that owns assets in various businesses. Its wholly owned subsidiary, SurgiCount Medical, Inc., is a developer and manufacturer of patient safety products and services. SurgiCount concentrates on surgical safety to support its patient safety device, the Safety-Sponge(TM) System. The Safety-Sponge System helps in reducing the number of retained sponges and towels in patients during surgical procedures and 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 http://www.patientsafetytechnologies.com. 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 "plans", "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 our filings with the Securities and Exchange Commission, including our 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.