For more information
Ernest A. Bates, M.D., Chairman and CEO
email: eabates@ashs.com

American Shared Hospital Services
Two Embarcadero Center, Suite 410
San Francisco, CA 94111

American Shared Hospital Services Signs Teaming Agreement With Turner Construction, NBBJ, Garfield Traub, and Baines Group to Offer Total Solutions for Proton Therapy Center Development

San Francisco, CA, January 24, 2011 — AMERICAN SHARED HOSPITAL SERVICES  (NYSE AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into a teaming agreement with Turner Construction Company, NBBJ LP, Garfield Traub, and Baines Group, Inc. to provide total solutions for proton therapy center development clients. Under the teaming agreement, AMS will be responsible for acquiring and providing proton therapy equipment and Turner/NBBJ/Garfield Traub/Baines will be responsible for designing, developing, financing and constructing the facility.

"Proton therapy, the next great growth opportunity in radiation oncology, is widely regarded as the optimal radiation treatment for a wide variety of cancers. Hospitals throughout the country are actively evaluating how they can offer this advanced therapy to their cancer patients. We have assembled a world-class team to facilitate every aspect of the complex and lengthy proton center development process, from facility design and financing to construction. These services complement AMS' expertise in radiation therapy equipment selection and innovative financing. By providing complete turnkey, integrated delivery with sole source accountability, we believe our approach adds value for our clinical partners and will enhance our ability to win major proton center development contracts," said AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D.

In addition to AMS, the team includes:
  • Turner Construction Company is the leading builder of healthcare facilities in the United States, and ranks first or second in other major segments of the construction industry with construction volume of $8.2 billion in 2009. Turner maintains a nationwide network of offices and a staff of more than 5,000 employees, performing work on over 1,200 projects each year. Turner's nationwide presence offers clients the accessibility and support of a local firm with the strength, stability and resources of a national corporation.
  • NBBJ, a leading global architecture and design firm, has helped companies and organizations create innovative places. From top-performing world headquarters–including Reebok, Starbucks and Telenor–to state-of-the-art healthcare facilities–including collaboration on nine of the top 14 US News and World Report Honor Roll hospitals–NBBJ has designed communities, buildings, products, environments, and digital experiences that enhance people's lives.
  • Garfield Traub is the nation's leading development services firm focused exclusively on essential U.S. public and public/private developments, including those in education, government, healthcare, hospitality, parking, sports and entertainment. Garfield Traub acts as the lead coordinator for all public and public/private project development needs, including financing, design, construction and asset management.
  • Baines Group, Inc., a licensed general contractor with expertise in project management, construction consulting, contracting and community outreach.
About AMS

American Shared Hospital Services (www.ashs.com) provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. Since 1991, AMS' creative financing solutions have enabled its clinical partners to make the latest advances in radiation oncology available to patients at an affordable price. 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 Century® concept. AMS also is a leader in proton beam radiation therapy (PBRT), the next great growth opportunity in radiation oncology. AMS currently is developing PBRT centers in Dayton, Ohio (Kettering Medical Center), Boston (Tufts Medical Center), Orlando (Orlando Regional Healthcare) and Long Beach, California (Long Beach Memorial Medical Center), and is negotiating additional projects. AMS also owns a preferred stock investment in Still River Systems, developer of the compact Monarch 250 PBRT system, which has not yet been approved by the FDA.

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, and the risks of investing in a development-stage company, Still River Systems, Inc., without a proven product. 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, 2009, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 2, 2010

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