Patient Safety Technologies, Inc. Announces Intent To Acquire

55% of Arizona Land Income Corp. 
SANTA MONICA, Calif.--(BUSINESS WIRE)--April 7, 2005
Patient Safety Technologies, Inc. (AMEX:PST - News)
announced today that it has notified the Board of Directors of Arizona
Land Income Corp. (AMEX: AZL) of its intent to commence a tender offer
to acquire 55% of AZL's shares outstanding for $3.95 in shares of PST
and $.55 in cash, per share of AZL. PST intends to combine the real
estate assets held by Franklin Capital Properties, a wholly owned
subsidiary of PST, with the assets of AZL and to continue the listing
of AZL on the AMEX. PST believes this structure provides the best
platform to increase value for the AZL shareholders. 
"This is a very logical and immediately accretive acquisition for
PST," said Milton "Todd" Ault III, PST's CEO and Chairman. "By
combining our real estate assets under the publicly listed REIT
structure, we believe we will be able to unlock and maximize the value
of the assets for PST shareholders and we expect to be able to provide
significantly improved growth prospects for the shareholders of AZL.
Greater deal flow will follow as a result." 
PST has engaged Aegis Equity LLC of Santa Monica, CA to advise and
represent it in this transaction. New York law firm Sichenzia Ross
Friedman Ference LLP and the Washington DC law firm of Sutherland
Asbill & Brennan have also been retained to advise PST on this
Patient Safety Technologies, Inc. ("PST") is a developer,
manufacturer and content provider of patient safety products and
services, working toward becoming the leader in the patient safety
sector. Headquartered in Santa Monica, California, PST is assembling a
world-class Advisory Board of leading patient safety experts. The
company is concentrating on surgical safety to support its newly
acquired subsidiary, SurgiCount Medical, Inc., a developer of patient
safety devices. SurgiCount features the Safety-Sponge(TM) System,
which allows for faster and more accurate counting of surgical
sponges. For more information on Patient Safety Technologies, Inc.,
please contact the company directly at (310) 752-1416, or by email at or 
The terms and conditions of the tender offer will appear in
Patient Safety Technology, Inc.'s offer to purchase and the related
letter of transmittal. Copies of these and other documents will be
mailed to all holders of Arizona Land Income Corp. Subject to
applicable law, PST may, in its sole discretion, waive any condition
applicable to the offer or extend or terminate or otherwise amend the
offer. The consummation of the tender offer will be subject to certain
conditions, which will be more fully described in the offer to
This news release shall not constitute an offer to purchase, a
solicitation of an offer to purchase, or a solicitation of an offer to
sell securities. The exchange offer may be made only pursuant to the
terms of an offer to purchase, letter of transmittal and related
materials. A Schedule TO, including the offer to purchase and letter
of transmittal, describing the tender offer will be filed with the
Securities and Exchange Commission upon the commencement of the tender
offer. Holders of the common stock should read the Schedule TO and its
exhibits carefully before making any decision with respect to the
tender offer because it will contain important information. Upon
filing, the Schedule TO, offer to purchase, letter of transmittal and
other related exchange offer documents will be available free of
charge at the website of the Securities and Exchange Commission -- In addition, the company will provide copies of the
Schedule TO and related documents upon request free of charge to
holders of the AZL common stock. 
This press release contains certain "forward-looking statements"
as defined under the Private Securities Litigation Reform Act of 1995.
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
Patient Safety Technologies, Inc., Santa Monica
Nicolas Soichet, 310-752-1416
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