PST ProShares UltraShort Lehman 7 10 Year Treasury

Patient Safety Technologies, Inc. (AMEX:PST) announced today that the Board of Directors, following a meeting held on May 18, 2006, authorized Automotive Services Group ("ASG") to seek its own private capital and financing structure. "PST's decision to allow ASG to seek its own capital is a decision we support and one that will enable ASG to move forward and allow greater focus on achieving our milestones and pursuing our own mission," commented Darrell Grimsley, ASG's Chairman and CEO. As ASG is one of the last remaining operating companies of PST that is not in the healthcare industry, this measure will help pave the way for PST to operate as a pure healthcare company. Automotive Services Group, Inc. Automotive Services Group is a wholly owned subsidiary of PST which operates a fast and eco-friendly automated car wash called "Bubba's Express Car Wash" and owns various pieces of property for expansion. For more information, visit www.bubbasexpress.com. About Patient Safety Technologies, Inc. Patient Safety Technologies, Inc. (PST) is a holding company that owns assets in various businesses. Its wholly-owned subsidiary, SurgiCount Medical, Inc., is a developer and manufacturer of patient safety products and services. For more information on Patient Safety Technologies, Inc., please contact the company directly at 310-895-7750, or by email at info@patientsafetytechnologies.com or www.patientsafetytechnologies.com. FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Patient Safety Technologies "expects," "should," "believes," "anticipates" or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in the Patient Safety Technologies filings with the Securities and Exchange Commission, including Patient Safety Technologies annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and Patient Safety Technologies does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.