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: March 31, 2007
[ ] 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:
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PART I
REGISTRANT INFORMATION
Full name of registrant: Patient Safety Technologies, Inc.
Former name if applicable: ___________________________________________
Address of principal executive office
(street and number): 27555 Ynez Road, Suite 330
City, state and zip code: Temecula, California 92591
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-Q for the quarterly period ended
March 31, 2007 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-Q. The
Company's Quarterly Report on Form 10-Q 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 Executive Officer, (951) 587-6201
(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 months ended March 31, 2007 is significantly greater
than its revenue for the three months ended March 31, 2006. The increase
in revenue is primarily the result of an increase in sales of the
Company's Safety-SpongeTM System during the 2007 period. The Company
anticipates that its operating expenses and net loss for the three months
ended March 31, 2007 are significantly less than the expenses and net loss
for the three months ended March 31, 2006. The decrease in operating
expenses for the three months ended March 31, 2007 when compared to March
31, 2006, was primarily the result of stock based compensation expenses,
professional fees, and to a lesser extent salaries and employee benefits.
Net loss decreased for the three months ended March 31, 2007 compared to
the three months ended March 31, 2006 primarily as a result of a
significant decrease 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: May 16, 2007 By: /s/ William B. Horne
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William B. Horne
Chief Executive and Financial Officer
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