For more information
Ernest A. Bates, M.D., Chairman and CEO
San Francisco, CA – January 14, 2016 -- AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS),a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into a definitive agreement for the permanent financing, subject to regulatory approval and standard conditions precedent, of its proton therapy center now under construction at UF (University of Florida) Health Cancer Center - Orlando Health in Florida. This center, which will employ the MEVION S250 proton therapy system, is expected to begin treating patients in April of this year.
Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "This financing agreement is an important milestone in the development of AMS' proton business, a business we believe represents an extraordinary growth opportunity for our company. We have guided this initial project from its inception through delivery and installation of the MEVION S250 system, obtained permanent financing, and look forward to Orlando Health initiating patient treatments soon. This demonstrates that we have the resources and know-how to get these complex projects done, an important consideration for other hospitals around the country that have expressed interest in partnering with AMS to develop proton centers of their own. We believe that the clinical advantages of proton therapy in the treatment of a wide range of cancers will support rapid growth in the application of this advanced therapeutic technology, and we are convinced that AMS will be a significant beneficiary."
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st CenturySM concept. AMS owns a common stock investment in Mevion Medical Systems, Inc., developer of the compact MEVION S250 Proton Therapy System.
About Orlando Health
Orlando Health is a $2.3 billion not-for-profit health care organization and a community-based network of physician practices, hospitals, and outpatient care centers throughout Central Florida. The organization includes Orlando Health Physician Group and Physician Associates, two of the largest multi-specialty practices in Central Florida, ownership in an outpatient surgery center, and eight wholly-owned or affiliated hospitals. An Orlando Health subsidiary holds a 51 percent interest in an entity operating five outpatient imaging centers.
Orlando Health is home to the area’s only Level One Trauma Centers for adults and pediatrics and is a statutory teaching hospital system that offers both specialty and community hospitals. They are:Orlando Regional Medical Center; Dr. P. Phillips Hospital; South Seminole Hospital; Health Central Hospital, the Arnold Palmer Medical Center, which consists of Arnold Palmer Hospital for Children and Winnie Palmer Hospital for Women & Babies; the UF Health Cancer Center – Orlando Health, South Lake Hospital (50 percent affiliation); and St. Cloud Regional Medical Center (20 percent affiliation). Areas of clinical excellence are heart and vascular, cancer care, neurosciences, surgery, pediatric orthopedics and sports medicine, neonatology, and women’s health.
More than 2,000 physicians have privileges at Orlando Health, which is also one of the area’s largest employers with more than 15,000 employees who support our philosophy of providing high quality care and service that revolves around patients’ needs. We prove this everyday with over 100,000 inpatient admissions and nearly 900,000 outpatient visits each year. In all, Orlando Health serves 1.8 million Central Florida residents and more than 4,500 international patients annually. Additionally, Orlando Health provides nearly $235 million in support of community health needs. More information can be found at http://www.orlandohealth.com.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century program, the risks of investing in a development‑stage company, Mevion Medical Systems, Inc., and the risks of the timing, financing, and operations of the Company’s proton therapy business. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10‑K for the year ended December 31, 2014, its quarterly reports on Form 10-Q for the three months ended March 31, 2015, June 30, 2015, and September 30, 2015, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 16, 2015.