SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): June 29, 2007
Patient
Safety Technologies, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or Other Jurisdiction
of
Incorporation)
|
333-124594
(Commission
File
Number)
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13-3419202
(I.R.S.
Employer
Identification
Number)
|
27555
Ynez Road, Suite 330, Temecula, CA 92591
(Address
of principal executive offices) (zip code)
(310)
752-1416
(Registrant's
telephone number, including area code)
Marc
J.
Ross, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway, 32nd
Floor
New
York,
New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Section
2 - Financial Information
Item
2.01 Completion of Acquisition or Disposition of Assets.
Patient
Safety Technologies, Inc. (the “Company”) previously reported in its Quarterly
Report on Form 10-QSB filed with the SEC on May 22, 2007 (the “Quarterly
Report”), that on April 26, 2007, its wholly owned subsidiary, AGB Merchant
Capital (“AGB”), entered into a binding term sheet to sell its express car wash
business segment operated under the trade name “Bubba’s Express Wash” first
opened on March 8, 2006 (the “Business”) together with the underlying real
estate, consisting of approximately 1 acre (“Property #1”), both located in
Birmingham, Alabama, to Charles H. Dellaccio and D.W. Grimsley of Automotive
Services Group (collectively, the “Sellers”). On June 29, 2007, the Company sold
the Business and Property #1 to the Sellers for $1,500,000 in gross proceeds.
Mr. Grimsley was a former owner of the Business prior to its purchase by the
Company (the “Sale”), and with the exception of selling the Business to the
Company and being an employee of the Business subsequent to the Sale, the
Sellers have not had a material relationship with the Company, nor with any
of
its affiliates, subsidiaries, directors or officers.
In
addition, on April 4, 2007, the Company reported in the Quarterly Report that
ASG entered into an agreement for the sale of its real property located in
Tuscaloosa, Alabama, consisting of raw undeveloped land of approximate 1 acre
in
size (“Property #2”), to Twin Properties, LLC (“Twin”). On July 3, 2007, ASG
sold Property #2 to Twin for $965,000 in gross proceeds. Twin is an unrelated
3rd
party
and has not had a material relationship with the Company, or any of its
affiliates, subsidiaries, directors or officers.
The
aggregate gross proceeds received from the sale of the Business and Property
#1
and Property #2 amounted to approximately $2,465,000, resulting in net proceeds
to the Company of approximately $2,429,283.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
None.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Patient
Safety Technologies, Inc.
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Dated:
July 6, 2007
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By:
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/s/
William B.
Horne
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Name:
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William
B. Horne
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Title:
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Chief
Executive and Chief Financial Officer
and
Principal Accounting Officer
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