UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
August
19, 2010
Date
of Report (Date of earliest event reported)
PATIENT
SAFETY TECHNOLOGIES, INC.
(Exact
Name of Registrant as Specified in its Charter)
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DELAWARE
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001-09727
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13-3419202
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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5
CAUFIELD PLACE, SUITE 102, NEWTOWN, PENNSYLVANIA 18940
(Address
of Principal Executive Offices) (Zip Code)
(215)
579-7789
(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):
¨ 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
8.01. Other Events.
On August 19, 2010, the Company
received a cash payment of $427,700 from the escrow agent under its tax escrow
agreement. As previously disclosed in the Company’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2010, during that quarterly period a
contingent tax liability was reduced by $427,700 based primarily on the
expiration of the federal statute of limitations relating to certain 2006
income. In addition, as stated in such Quarterly Report, the
Company expected that the $427,700 will be released from the escrow account
during the quarter ending September 30, 2010 based on the reduction in the
contingent tax liability. The August 19th payment represents the
payment of those expected funds.
SIGNATURE
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.
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Date: August
23, 2010
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Patient
Safety Technologies, Inc.
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By:
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/s/ Marc L. Rose
Marc
L. Rose
Chief
Financial Officer
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