SECURED PROMISSORY NOTE

$25,000.00                                               Los Angeles, California
                                                                January 26, 2006

            FOR VALUE RECEIVED, Patient Safety Technologies, Inc. (the "Maker"),
a Delaware  corporation  with an office located at 1800 Century Park East, Suite
200, Los Angeles,  CA 90067,  hereby promises to pay to the order of Ault Glazer
Bodnar Acquisition Fund LLC (the "Payee"), a Delaware limited liability company,
the principal sum of twenty five thousand dollars  ($25,000.00) plus any accrued
interest  thereon in lawful  money of the United  States on March 26,  2006 (the
"Maturity Date").

            Maker  further  promises  to pay  interest  on the unpaid  principal
balance hereof at the rate of seven percent (7%) per annum,  such interest to be
paid on the Maturity Date.  Interest  shall commence  accruing on the issue date
and shall be  calculated on the basis of a 365-day year and actual days elapsed.
In no event shall the interest charged  hereunder  exceed the maximum  permitted
under the laws of the State of California.  At the option of Maker,  payments of
principal  and  interest  hereunder  may be made in lawful  money of the  United
States of  America  or, in whole or in part,  of  like-kind  exchange  including
without limitation shares of any securities owned by the Maker ("Common Stock"),
which shall be valued at the closing price of the Common Stock on the day before
the Maturity Date obtained from the respective exchange.

            This Note may be prepaid in whole or in part at any time without the
consent of the Maker provided that Payee shall pay Maker an amount in cash equal
to the principal amount of this Note plus all accrued interest on the principal.

            The  entire  unpaid  principal  balance  of this  Note and  interest
accrued  with  respect  thereto  shall be  immediately  due and payable upon the
occurrence of any of the following (each, an "Event of Default"):

            a. The Maker filing for relief under any bankruptcy law;

            b. The filing of a lien, the issuance of a levy or execution, or the
seizure, attachment or garnishment, or the entry of judgment on or against Maker
or any of Maker's  property which shall not be released,  satisfied of record or
bonded within twenty (20) days thereafter,  except liens which exist as the date
hereof or liens to which the Payee shall consent;

            c. The  Maker  creates,  incurs,  assumes  or  suffers  to exist any
liability for borrowed money, except borrowings in existence or committed on the
date  hereof and  indebtedness  to trade  creditors  or  financial  institutions
incurred in the ordinary course of business; or

            d. The Maker has failed to pay the  principal  and any  accrued  and
unpaid interest on the Maturity Date.

      The obligations under this Note shall be secured by certain  collateral of
Maker in accordance with the terms of a Security  Agreement  entered into on the
date hereof.


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<PAGE>

            All rights  and  remedies  available  to the Payee  pursuant  to the
provisions of applicable  law and  otherwise are  cumulative,  not exclusive and
enforceable  alternatively,  successively  and/or  concurrently after default by
Maker pursuant to the provisions of this Note.

            The Maker waives demand, presentment, protest and notice of any kind
and consents to the  extension of time of  payments,  the release,  surrender or
substitution of any and all security or guarantees for the obligations evidenced
hereby or other indulgence with respect to this Note, all without notice.

            This Note may not be changed,  modified or  terminated  orally,  but
only by an  agreement in writing,  signed by the party to be charged.  The Maker
hereby  authorizes the Payee to complete this Note and any particulars  relating
thereto according to the terms of the indebtedness evidenced hereby.

            In the  event of any  litigation  with  respect  to the  obligations
evidenced  by this Note,  the Maker  waives the right to a trial by jury and all
rights  of  set-off  and  rights  to  interpose  permissive   counterclaims  and
cross-claims.  In the event this Note shall be in  default,  and placed  with an
attorney for collection,  then Maker agrees to pay all reasonable  attorney fees
and costs of collection of Holder.  This Note shall be governed by and construed
in accordance with the laws of the State of California and shall be binding upon
the successors,  assigns,  heirs,  administrators and executors of the Maker and
inure to the benefit of the Payee, his successors,  endorsees,  assigns,  heirs,
administrators and executors.

            The Maker hereby  irrevocably  consents to the  jurisdiction  of the
state and federal courts in Los Angeles  County,  California in connection  with
any action or proceeding arising out of or relating to this Note. If any term or
provision  of this Note shall be held  invalid,  illegal or  unenforceable,  the
validity of all other terms and  provisions  hereof  shall in no way be affected
thereby.

                                     PATIENT SAFETY TECHNOLOGIES, INC.


                                     By:
                                         ---------------------------------------
                                     Name: Dr. Louis Glazer
                                     Title: Chief Executive Officer and Chairman


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