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): April 26, 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)
|
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)
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):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01 |
Entry
into A Material Definitive
Agreement
|
On
April
26, 2007, Automotive Service Group, LLC (“ASG”), a wholly owned subsidiary of
Automotive Service Group, Inc (“ASG, Inc.”), which is a wholly owned subsidiary
of Patient Safety Technologies, Inc. (the “Company”), entered into a binding
term sheet to sell its express car wash located in Birmingham, Alabama
(“Roebuck”) to Charles H. Dellaccio and D.W. Grimsley, Jr. Mr. Grimsley is the
Chairman of the Board and Chief Executive Officer of ASG, Inc. Roebuck will
be
sold “as-is, how-is” without any warranties or representations by ASG. Mr.
Deallacio and Mr. Grimsley will assume all of the Roebuck equipment leases
and
contracts. ASG will receive $1.5 million from the sale of Roebuck.
On
April
26, 2007, ASG entered into a binding term sheet to sell real property located
in
Birmingham, Alabama (the “Trussville Site”) to Charles H. Dellaccio and D.W.
Grimsley, Jr. As a condition precedent to the sale of the Trussville Site,
Mr.
Dellacio and Mr. Grimsley are required to close the sale of Roebuck described
above. ASG will receive $750,000 for the sale of the Trussville Site.
Effective
April 4, 2007, ASG entered into an agreement for the sale of real property
located in Tuscaloosa, Alabama (the “Tuscaloosa Undeveloped Land”) to Twin
Properties, LLC. Pursuant to this transaction, ASG is responsible for obtaining
title insurance, all required taxes related to the transaction and providing
a
marketable title in fee simple to Twin Properties, LLC. ASG agreed to sell
the
Tuscaloosa Undeveloped Land for a purchase price of $965,000 dollars. This
transaction is expected to close within five weeks.
Copies
of
the term sheets for Roebuck and the Trussville site and the Agreement for the
sale of the Tuscaloosa Undeveloped Land are attached as exhibits hereto.
On
April
27, 2007, the Company issued a press release announcing the sale of Roebuck,
the
Trussville Site and the Tuscaloosa Undeveloped Land. A
copy of
the press release is attached hereto as Exhibit 99.4 and incorporated herein
by
reference.
Item9.01 |
Financial
Statements and Exhibits.
|
Exhibit
No.
|
|
Description
|
99.1
|
|
Term
Sheet for the Sale of Roebuck
|
99.2
|
|
Term
Sheet for the Sale of the Trussville Site
|
99.3
|
|
Agreement
for the Purchase and Sale of Real Property relating to the Tuscaloosa
Undeveloped Land
|
99.4
|
|
Press
Release dated April 27, 2007
|
SIGNATURES
Pursuant
to the requirements of the Securities 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:
May 2, 2007 |
By: |
/s/ Lynne
Silverstein |
|
Lynne
Silverstein |
|
Executive
Vice President
|
Exhibit
Index
Exhibit
No.
|
|
Description
|
99.1
|
|
Term
Sheet for the Sale of Roebuck
|
99.2
|
|
Term
Sheet for the Sale of the Trussville Site
|
99.3
|
|
Agreement
for the Purchase and Sale of Real Property relating to the Tuscaloosa
Undeveloped Land
|
99.4
|
|
Press
Release dated April 27, 2007
|