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Investor Relations
Ernest A. Bates, M.D., Chairman and CEO
email: eabates@ashs.com
American Shared Hospital Services
Four Embarcadero Center, Suite 3700
San Francisco, CA 94111
Tel: 415-788-5300 or 800-735-0641
Fax: 415-788-5660 |
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San Francisco, CA, September 10, 2007 – AMERICAN SHARED HOSPITAL SERVICES (AMEX,PCX:AMS),
a leading provider of turnkey technology solutions for advanced
radiosurgical and radiation therapy services, announced today that it
has increased its equity interest in privately owned Still River
Systems, Inc., Littleton, Massachusetts, developer of the Clinatron
250™ proton beam radiation therapy (PBRT) device, with the purchase of
an additional $617,000 of Still River convertible preferred stock.
In April 2006, AMS purchased $2 million of Still River convertible
preferred stock and an option to acquire two Clinatron 250 PBRT
systems. AMS has contracted to place both of these devices, and expects
to commence lease agreements with Tufts-NEMC and M. D. Anderson Cancer
Center Orlando for the Still River PBRT systems in 2009, subject to the
receipt of FDA clearance. AMS currently is negotiating contracts for
additional PBRT systems.
The Clinatron 250 device under development by Still River Systems is a
single-treatment-room PBRT system incorporating proprietary technology
which may dramatically reduce the cost of implementing this
Medicare-approved therapy.
"Today, more than half of the approximately one million new cancer
patients diagnosed annually in the United States alone receive some
form of radiation therapy. Because proton beam radiation therapy is
widely regarded as the optimal radiation treatment for a wide variety
of cancers, PBRT is expected to capture a significant share of this
market as the technology becomes more widely available over the next
few years. We see tremendous growth potential in Still River Systems'
cost-effective PBRT device, especially when coupled with AMS's
innovative financing programs. Our investment in Still River Systems
positions AMS to take full advantage of this next major advance in
radiation oncology," said Ernest A. Bates, M.D., Chairman and CEO of
AMS.
About AMS
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 services, 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 equity investment in Still River Systems, AMS also plans to
complement these services with the Clinatron 250™ 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 business, the risks of developing its IMRT and
The Operating Room for the 21st Century programs, 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 and 10-K/A for the
year ended December 31, 2006, Form 10-Q for the three months ended
March 31, 2007, and the definitive Proxy Statement for the Annual
Meeting of Shareholders held on June 14, 2007. |
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