SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): September 19, 2006
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)
|
13-3419202
(I.R.S.
Employer
Identification
Number)
|
1800
Century Park East, Ste. 200, Los Angeles, CA 90067
(Address
of principal executive offices) (zip code)
(310)
895-7750
(Registrant's
telephone number, including area code)
Marc
J.
Ross, Esq.
Sichenzia
Ross Friedman Ference LLP
1065
Avenue of the Americas
New
York,
New York 10018
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))
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
EXPLANATORY
NOTE:
As
reported previously, on September 8, 2006 Patient Safety Technologies, Inc.
(the
“Company”) paid in full the outstanding obligation of $1,245,280.89 owed to Alan
E. Morelli pursuant to that certain Secured Convertible Note and Warrant
Purchase Agreement entered into by and between the Company and Mr. Morelli
on
June 6, 2006.
To
enable
the payoff to Mr. Morelli, the Company entered into a series of agreements
with
Steven J. Caspi documenting two secured loans to the Company in the aggregate
principal amount of $1,495,280.89.
The
documents evidencing the loan from Mr. Caspi were entered into on February 23, 2007 (effective as of September 8, 2006) and
are hereby being filed as exhibits to this Current Report on Form
8-K/A.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
4.1 |
Secured
Convertible Promissory Note
|
4.2 |
Warrant
for the purchase of Company common stock
|
4.3 |
Warrant
for the purchase of SurgiCount common
stock
|
10.1 |
Secured
Convertible Note and Warrant Purchase
Agreement
by
and between the Company and Steven J. Caspi dated as of September
8,
2006
|
10.2
|
Pledge
Agreement dated as of September 8, 2006 by and between the Company
and
Steven J. Caspi dated as of September 8, 2006.
|
10.3
|
Addendum
to Pledge Agreement dated as of September 8, 2006 by and between
the
Company and Steven J. Caspi dated as of September 8,
2006.
|
10.4
|
Guaranty
executed by Milton “Todd” Ault, III for the benefit of Steven J.
Caspi
|
10.5 |
Guaranty
executed by Louis Glazer for the benefit of Steven J.
Caspi
|
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.
|
|
|
|
Patient
Safety Technologies, Inc. |
|
|
|
Dated:
February
28, 2007 |
By: |
/s/
Lynne
Silverstein |
|
Name: |
Lynne Silverstein |
|
Title: |
President |