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Ernest A. Bates, M.D., Chairman and CEO
San Francisco, CA, March 28, 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 multi-year contracts to supply a Gamma Knife® PerfexionTM system to Florence Nightingale Hospital Group, Istanbul, Turkey, and a Gamma Knife and linear accelerator system to Baskent University, Adana, Turkey. These systems are expected to begin treating patients in the third quarter this year.
AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "Turkey is the fastest growing economy in Europe and the third fastest growing economy in the world behind only China and India. Given the small number of radiosurgery devices and services in the country today, and the fact that more than 90% of the population of 77 million is covered by health insurance, Turkey represents a significant growth opportunity for AMS."
Through its GK Financing subsidiary, AMS has established a financing company in Turkey, EWRS TIBBİ CİHAZLAR TİCARET LİMİTED ŞİRKETİ (EWRS), in partnership with EMKA LLC, an affiliate of Ankara-based ÖZYÜREK A.Ş., Elekta's (manufacturer of the Gamma Knife, Perfexion and related radiotherapy equipment) distributor in Turkey for the past twenty five years.
Dr. Bates continued, "With ÖZYÜREK A.Ş.'s years of experience and extensive network of contacts, our partnership has immediate credibility in the neurosurgery community in Turkey. Our initial clients are two of the most respected medical institutions in the country. Florence Nightingale Hospital Group has three hospitals and a medical center, and a new hospital currently under construction will increase the total number of beds to 800. The Group has a staff of seven neurosurgeons and 35 neurosurgery nurses. The Kisla Campus of Baskent University houses the largest and most modern oncology center in the region in a well-equipped 14-floor facility with 561 beds. This is a solid foundation for our new venture in this exciting market, which will accelerate the growth of our international Gamma Knife business and complement our position as the largest provider of Gamma Knife services in the United States."
EWRS has confirmed it has financing in place for these projects.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, 2010Back to Top