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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">&#160;</font><a name="fis_top_of_document"/><a name="june2320038k_txt"/><a name="fis_form_8_k"/></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549 </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
      TO SECTION 13 OR 15(d) OF </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
      SECURITIES EXCHANGE ACT OF 1934 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): April 21, 2006 </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>Patient
      Safety Technologies, Inc. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter) </font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or Other Jurisdiction</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                Incorporation)</font></div>
            </td>
            <td valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">333-124594</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13-3419202</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                Number)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1800
      Century Park East, Ste. 200, Los Angeles, CA 90067</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices) (zip code) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">310)
      895-7750</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
      telephone number, including area code) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="fis_other_events"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies
      to:</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Marc
      J.
      Ross, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sichenzia
      Ross Friedman Ference LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1065
      Avenue of the Americas</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
      York,
      New York 10018</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Phone:
      (212) 930-9700</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fax:
      (212) 930-9725</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]&#160;&#160;&#160; Written communications pursuant to Rule 425 under the
      Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]&#160;&#160;&#160; Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 14d-2(b)
      under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]&#160;&#160;&#160; Pre-commencement communications pursuant to Rule 13e-4(c)
      under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      April 21, 2006, Surgicount Medical, Inc. (&#8220;Surgicount&#8221;), a wholly owned
      subsidiary of Patient Safety Technologies, Inc. (the &#8220;Company&#8221;), entered into an
      employment agreement with William M. Adams to employ Mr. Adams as Surgicount&#8217;s
      Chief Executive Officer. The term of the employment agreement will end effective
      at midnight on April 17, 2009 unless extended by the mutual written consent
      of
      Surgicount and Mr. Adams. Surgicount agreed to pay Mr. Adams an annual base
      salary of $300,000 during the term of the employment agreement. In addition,
      Mr.
      Adams is eligible to receive annual bonuses in cash or stock as determined
      by
      the Board of Directors of Surgicount and/or the Company. Pursuant to the
      employment agreement, the Company granted Mr. Adams options to purchase 300,000
      shares of the Company&#8217;s common stock with an exercise price of $3.50 per share.
      One-third of such options will vest annually over three years beginning April
      18, 2007. However, all of the options will vest immediately upon a sale or
      exchange of 50% or more of Surgicount&#8217;s outstanding capital stock or a joint
      venture by Surgicount with an unaffiliated entity involving 50% or more of
      Surgicount&#8217;s outstanding capital stock. Mr. Adams will also receive $10,000 of
      restricted stock of the Company annually on April 30, 2007, April 18, 2008
      and
      April 18, 2009. Additionally, Mr. Adams will receive options to purchase an
      additional 100,000 shares of common stock of the Company with an exercise price
      of $3.50 per share which will vest upon either of the following events: (a)
      a
      sale or exchange of 50% or more of Surgicount&#8217;s outstanding capital stock or a
      joint venture by Surgicount with an unaffiliated entity; or (b) if on or prior
      to December 31, 2008, Surgicount&#8217;s cumulative sales from the inception of
      Surgicount equal or exceed $10 million. Mr. Adams and his family are also
      entitled to participate in any of Surgicount&#8217;s benefit plans in effect from time
      to time for the benefit of Surgicount&#8217;s employees. Surgicount and Mr. Adams have
      the right to terminate the employment agreement at any time upon 30 days prior
      written notice unless circumstances dictate that such notice cannot reasonably
      be given. Surgicount has the right to terminate the employment agreement for
      cause in certain circumstances described in the agreement. If Surgicount
      voluntarily terminates the employment agreement without cause, Surgicount must
      pay Mr. Adams his accrued compensation through the termination date plus the
      following severance compensation. If the employment agreement is terminated
      by
      the Company without cause prior to the first anniversary of the start date
      of
      employment, Surgicount must pay Mr. Adams 24 months of his base salary as
      severance compensation. If the employment is terminated by the Company without
      cause after the first anniversary of the start date of employment, Surgicount
      must pay Mr. Adams his base salary for the remainder of the employment term
      as
      severance compensation. The agreement also contains customary provisions for
      disability, death, confidentiality and non-solicitation. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      April 21, 2006, William M. Adams was appointed Chief Executive Officer of the
      Company&#8217;s subsidiary Surgicount. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      21, 2006, Surgicount entered into an employment agreement with Mr. Adams. The
      material terms of the employment agreement are described under Item 1.01
      above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      no family relationships between Mr. Adams and the Company&#8217;s directors, executive
      officers or persons nominated or charged by the Company to become directors
      or
      executive officers. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      5, 2005, the Company entered into a consulting agreement with Health West
      Marketing Incorporated, a California corporation (&#8220;Health West&#8221;), pursuant to
      which Health West agreed to help the Company establish a comprehensive
      manufacturing and distribution strategy for the Company&#8217;s </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safety-Sponge&#8482;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      System
      worldwide. In consideration for Health West&#8217;s services, the Company agreed to
      issue Health West 42,017 shares of common stock, to be issued as follows: (a)
      10,505 shares were issued upon signing the consulting agreement; (b) an
      additional 15,756 shares were issued as a result of Health West&#8217;s assistance in
      structuring a comprehensive manufacturing agreement with A Plus Manufacturing,
      which was entered into on August 17, 2005; and (c) if Health West helps the
      Company develop a regional distribution network to integrate the Safety-Sponge&#8482;
System into the existing acute care supply chain, then the Company will issue
      Health West the remaining 15,756 shares. As incentive for entering into the
      agreement, the Company issued Health West a callable warrant to purchase 150,000
      shares of common stock with an exercise price of $5.95 per share, exercisable
      for five years. In addition, the Company agreed to issue a callable warrant
      to
      purchase 25,000 shares of the common stock with an exercise price of $5.95
      per
      share, exercisable upon assisting the Company with developing a global
      distribution strategy and identification of acquisition candidates. Mr. Adams
      is
      Chief Executive Officer of Health West. The Health West agreement was terminated
      by the Company&#8217;s Board of Directors as of April 21, 2006. All shares payable
      thereunder were or are payable in full. Except as described above there was
      no
      transaction during the last two years, or any proposed transaction, to which
      the
      Company was or is to be a party, in which Mr. Adams had or is to have a direct
      or indirect material interest. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01 Financial Statements and Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits</font></div>
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    <div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></div>
            </td>
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            <td valign="bottom" width="66%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="left" valign="top" width="2%">&#160;</td>
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                Agreement entered into as of April 21, 2006 by and between Surgicount
                Medical, Inc. and William M. Adams</font></div>
            </td>
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            <td align="justify" valign="top" width="66%">
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                release issued April 24, 2006</font></div>
            </td>
          </tr>

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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="27%">&#160;</td>
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                Safety Technologies, Inc.</strong></font></div>
            </td>
          </tr>
          <tr>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="27%">&#160;</td>
          </tr>
          <tr>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="27%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                April 27, 2006</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Louis Glazer
                M.D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Louis
                Glazer, M.D., Ph.G.</font></div>
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            <td align="left" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Executive Officer</font></div>
            </td>
          </tr>

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{"company-data": {"conformed-name": "Patient Safety Technologies, Inc", "cik": "0000812301", "assigned-sic": "3842", "irs-number": "133419202", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09727", "film-number": "06785197"}, "business-address": {"street1": "1800 CENTURY PARK EAST", "street2": "STE. 200", "city": "LOS ANGELES", "state": "CA", "zip": "90067", "phone": "(310) 895-7750"}, "mail-address": {"street1": "1800 CENTURY PARK EAST", "street2": "STE. 200", "city": "LOS ANGELES", "state": "CA", "zip": "90067"}, "former-company": [{"former-conformed-name": "Patient Safety Technologies", "date-changed": "20050406"}, {"former-conformed-name": "Patient Safety Technologies, Inc", "date-changed": "20050406"}, {"former-conformed-name": "FRANKLIN CAPITAL CORP", "date-changed": "19990505"}]}
UNITED
      STATES
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 21, 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)
Copies
      to:
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
      1.01 Entry into a Material Definitive Agreement.
Effective
      April 21, 2006, Surgicount Medical, Inc. ("Surgicount"), a wholly owned
      subsidiary of Patient Safety Technologies, Inc. (the "Company"), entered into an
      employment agreement with William M. Adams to employ Mr. Adams as Surgicount's
      Chief Executive Officer. The term of the employment agreement will end effective
      at midnight on April 17, 2009 unless extended by the mutual written consent
      of
      Surgicount and Mr. Adams. Surgicount agreed to pay Mr. Adams an annual base
      salary of $300,000 during the term of the employment agreement. In addition,
      Mr.
      Adams is eligible to receive annual bonuses in cash or stock as determined
      by
      the Board of Directors of Surgicount and/or the Company. Pursuant to the
      employment agreement, the Company granted Mr. Adams options to purchase 300,000
      shares of the Company's common stock with an exercise price of $3.50 per share.
      One-third of such options will vest annually over three years beginning April
      18, 2007. However, all of the options will vest immediately upon a sale or
      exchange of 50% or more of Surgicount's outstanding capital stock or a joint
      venture by Surgicount with an unaffiliated entity involving 50% or more of
      Surgicount's outstanding capital stock. Mr. Adams will also receive $10,000 of
      restricted stock of the Company annually on April 30, 2007, April 18, 2008
      and
      April 18, 2009. Additionally, Mr. Adams will receive options to purchase an
      additional 100,000 shares of common stock of the Company with an exercise price
      of $3.50 per share which will vest upon either of the following events: (a)
      a
      sale or exchange of 50% or more of Surgicount's outstanding capital stock or a
      joint venture by Surgicount with an unaffiliated entity; or (b) if on or prior
      to December 31, 2008, Surgicount's cumulative sales from the inception of
      Surgicount equal or exceed $10 million. Mr. Adams and his family are also
      entitled to participate in any of Surgicount's benefit plans in effect from time
      to time for the benefit of Surgicount's employees. Surgicount and Mr. Adams have
      the right to terminate the employment agreement at any time upon 30 days prior
      written notice unless circumstances dictate that such notice cannot reasonably
      be given. Surgicount has the right to terminate the employment agreement for
      cause in certain circumstances described in the agreement. If Surgicount
      voluntarily terminates the employment agreement without cause, Surgicount must
      pay Mr. Adams his accrued compensation through the termination date plus the
      following severance compensation. If the employment agreement is terminated
      by
      the Company without cause prior to the first anniversary of the start date
      of
      employment, Surgicount must pay Mr. Adams 24 months of his base salary as
      severance compensation. If the employment is terminated by the Company without
      cause after the first anniversary of the start date of employment, Surgicount
      must pay Mr. Adams his base salary for the remainder of the employment term
      as
      severance compensation. The agreement also contains customary provisions for
      disability, death, confidentiality and non-solicitation.
Item
      5.02 Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.
Effective
      April 21, 2006, William M. Adams was appointed Chief Executive Officer of the
      Company's subsidiary Surgicount.
On
      April
      21, 2006, Surgicount entered into an employment agreement with Mr. Adams. The
      material terms of the employment agreement are described under Item 1.01
      above.
There
      are
      no family relationships between Mr. Adams and the Company's directors, executive
      officers or persons nominated or charged by the Company to become directors
      or
      executive officers.
On
      April
      5, 2005, the Company entered into a consulting agreement with Health West
      Marketing Incorporated, a California corporation ("Health West"), pursuant to
      which Health West agreed to help the Company establish a comprehensive
      manufacturing and distribution strategy for the Company's
Safety-Sponge™
System
      worldwide. In consideration for Health West's services, the Company agreed to
      issue Health West 42,017 shares of common stock, to be issued as follows: (a)
      10,505 shares were issued upon signing the consulting agreement; (b) an
      additional 15,756 shares were issued as a result of Health West's assistance in
      structuring a comprehensive manufacturing agreement with A Plus Manufacturing,
      which was entered into on August 17, 2005; and (c) if Health West helps the
      Company develop a regional distribution network to integrate the Safety-Sponge™
System into the existing acute care supply chain, then the Company will issue
      Health West the remaining 15,756 shares. As incentive for entering into the
      agreement, the Company issued Health West a callable warrant to purchase 150,000
      shares of common stock with an exercise price of $5.95 per share, exercisable
      for five years. In addition, the Company agreed to issue a callable warrant
      to
      purchase 25,000 shares of the common stock with an exercise price of $5.95
      per
      share, exercisable upon assisting the Company with developing a global
      distribution strategy and identification of acquisition candidates. Mr. Adams
      is
      Chief Executive Officer of Health West. The Health West agreement was terminated
      by the Company's Board of Directors as of April 21, 2006. All shares payable
      thereunder were or are payable in full. Except as described above there was
      no
      transaction during the last two years, or any proposed transaction, to which
      the
      Company was or is to be a party, in which Mr. Adams had or is to have a direct
      or indirect material interest.
1
Item
      9.01 Financial Statements and Exhibits.
(c)
      Exhibits
Exhibit
Number
Description
10.1
Employment
                Agreement entered into as of April 21, 2006 by and between Surgicount
                Medical, Inc. and William M. Adams
99.1
Press
                release issued April 24, 2006
2
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:
                April 27, 2006
By:
/s/
                Louis Glazer
                M.D.
Name:
Louis
                Glazer, M.D., Ph.G.
Title:
Chief
                Executive Officer
3