American Shared Hospital Services Will Provide Latest Image-Guided Radiation Therapy System to Tufts-New England Medical Center as Part of a Complete Radiation Therapy Department Upgrade
San Francisco, CA, June 1, 2006 -- 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 entered into a letter of understanding to provide an image-guided radiation therapy (IGRT) system, a CT Simulator, and related service, support and maintenance services as part of a complete radiation therapy department upgrade for Tufts-New England Medical Center (TUFTS-NEMC). Subject to the execution of definitive agreements, AMS anticipates commencing its lease agreement with TUFTS-NEMC in the first quarter of 2007.
"AMS has provided Gamma Knife radiosurgery services with our clinical partners at TUFTS-NEMC since 1999. We are excited to expand our relationship with this renowned medical institution by adding the latest IGRT technology to TUFTS-NEMC's capabilities now and committing to provide new technologies on the horizon for the future. Our agreement also envisions the joint development of additional radiation therapy centers in the Boston area," said Ernest A. Bates, M.D., Chairman and Chief Executive Officer.
"With this breakthrough agreement, AMS is now implementing an expanded business model that takes advantage of our creative financing solutions to provide treatment simulation and planning equipment and software as well as the latest technology solutions for radiation oncology delivery; in other words, a complete, state-of-the-art radiation therapy department package. We are gratified to work closely with our colleagues at TUFTS-NEMC to realize our long-held vision for the future of radiation oncology," Dr. Bates added.
David E. Wazer, M.D., Radiation Oncologist-in-Chief, Department of Radiation Oncology, Tufts-New England Medical Center, said, "AMS has demonstrated its commitment to providing technologically advanced radiation oncology services based on a sound business model. This agreement with AMS assures that TUFTS-NEMC will continue to provide state-of-the-art radiation oncology services to our patients with the most advanced technology available today and tomorrow."
About Image-Guided Radiation Therapy
IGRT integrates tumor imaging and detection components into a linear accelerator, allowing clinicians to plan treatment, verify positioning, and deliver treatment with a single device for faster, more effective radiation therapy with less damage to healthy tissue.
About Tufts-New England Medical Center
Founded in 1796 as the Boston Dispensary to care for sick and needy Bostonians, Tufts‑New England Medical Center is the oldest health care facility in New England. It serves as the primary clinical and teaching affiliate of Tufts University School of Medicine. Tufts‑NEMC is a world‑class, academic medical institution that is home to both a full‑service hospital for adults and the Floating Hospital for Children and has long been recognized as a leader in cancer care, cardiology, organ transplantation and pediatrics. For more information on Tufts‑NEMC, access our web site, www.tufts‑nemc.org.
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 for the year ended December 31, 2005, its Quarterly Report on Form 10-Q for the period ended March 31, 2006 and the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 28, 2006.