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: SEPTEMBER 30, 2006
[ ] 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:
------------------------------------------------------------------
PART I
REGISTRANT INFORMATION
Full name of registrant: Patient Safety Technologies, Inc.
--------------------------------------------
Former name if applicable:
--------------------------------------------
Address of principal executive office (street and number):
1800 Century Park East, Suite 200
---------------------------------
City, state and zip code: Los Angeles, California 90067
------------------------------
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-QSB for the quarterly period
ended September 30, 2006 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-QSB. The Company's Quarterly Report on Form 10-QSB will be filed on or
before the 5th calendar day following the prescribed due date.
2
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
WILLIAM B. HORNE, CHIEF FINANCIAL OFFICER, (310) 895-7750
(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 and nine months ended September
30, 2006 is significantly less than its revenue for the three and
nine months ended September 30, 2005. The decrease in revenue is
primarily the result of a decrease in consulting services
revenues recognized during the 2006 periods. The Company
anticipates that its operating expenses and net loss for the
three and nine months ended September 30, 2006 are significantly
greater than the expenses and net loss for the three and nine
months ended September 30, 2005. The increase in operating
expenses for the three and nine months ended September 30, 2006
when compared to June 30, 2005, was primarily the result of stock
based compensation expenses, amortization of debt discount and to
a lesser extent salaries and employee benefits, and interest
expense. Net loss increased for the three and nine months ended
September 30, 2006 compared to the three and nine months ended
September 30, 2005 primarily as a result of a significant
increase 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.
------------------------------------------------------------------
3
PATIENT SAFETY TECHNOLOGIES, INC.
--------------------------------------------------------------------------------
(Name of Registrant as specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 15, 2006 By: /s/ WILLIAM B. HORNE
--------------------- ----------------------------
William B. Horne
Chief Financial Officer
4