Patient Safety Technologies, Inc. (referred to in this report as the "Company," "we," "us," and "our") (formerly known as Franklin Capital Corporation) is a Delaware corporation. Currently, the Company has two wholly-owned operating subsidiaries: (1) SurgiCount Medical, Inc., a California corporation; and (2) Automotive Services Group, Inc. (formerly known as Ault Glazer Bodnar Merchant Capital, Inc.) a Delaware corporation.
The Company, including SurgiCount Medical Inc. ("SurgiCount"), is engaged in the acquisition of controlling interests in companies and research and development of products and services focused primarily in the health care and medical products field, particularly the patient safety markets. SurgiCount is a developer and manufacturer of patient safety products and services. Automotive Services Group, Inc. ("Automotive Services Group") holds the Company's investment in Automotive Services Group, LLC ("ASG"), its wholly-owned subsidiary. In addition to the assets that are held in Automotive Services Group, the Company holds various other unrelated investments which it is in the process of liquidating. The unrelated investments are included in a separate segment, financial services and real estate. The Company purchased the remaining equity interest in ASG in March 2006 and during the fourth quarter of 2006 the Company began marketing for sale the assets held in ASG.