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Ernest A. Bates, M.D., Chairman and CEO
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:
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, 2010Back to Top