For more information
Ernest A. Bates, M.D., Chairman and CEO
San Francisco, CA, February 3 2010 -- 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 six-year contract with the Peruvian Air Force (FAP) to supply Gamma Knife® services at Hospital Central FAP in Lima, Peru. This Gamma Knife, the first to be placed into service in Peru and only the third in South America, is expected to begin treating patients by the fourth quarter of this year. AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "Cancer knows no geographic or social boundaries. With a population of more than nine million in metropolitan Lima alone, and more than 28 million in Peru as a whole, we anticipate significant demand for Gamma Knife services at our new center. We plan to treat patients from the Peruvian Armed Forces, as well as private pay patients from Peru and other countries in Latin America, many of whom must now travel to the United States for Gamma Knife treatment. We are proud that AMS' creative financing solutions will make it possible for us to bring the benefits of the Gamma Knife to cancer patients in this vast and populous region. This is an exciting time for AMS as we sign our first international radiosurgery contract. We see the international market as a big growth area for our company and are currently in negotiations in the UK, Brazil and Israel. We believe our international expansion will eventually exceed our domestic growth.”
About the Gamma Knife®
Gamma Knife® surgery, sometimes referred to as stereotactic radiosurgery, is a non-invasive method for treating brain disorders with a single, high dose of radiation to a small and critically located intra-cranial volume through the intact skull. Gamma Knife surgery is preferred for its extreme accuracy, efficiency and outstanding therapeutic response. Today, Gamma Knife surgery is performed in hundreds of leading hospitals and clinics around the world. Approximately 50,000 patients undergo Gamma Knife surgery every year, and this unique procedure has an impressive scientific track record with thousands of peer-reviewed articles. No other non-invasive treatment method in this field has greater clinical acceptance.
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 Century® concept. Through its preferred stock investment in Still River Systems, AMS also plans to complement these services with the Monarch 250TM proton beam radiation therapy (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, 2008, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 and June 30, 2009, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on May 28, 2009.
American Shared Hospital Services
Ernest A. Bates, M.D., (415) 788-5300
Chairman and Chief Executive Officer
Neil Berkman, President, (310) 826-5051