American Shared Hospital Services Announces Start of Patient Treatments at its Radiation Therapy Facility, A.B. Radiocirugía y Radioterapia de Puebla, in Puebla, Mexico

SAN FRANCISCO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- American Shared Hospital Services (NYSE:AMS) (the "Company"), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that it has begun treating patients at its Radiation Therapy Facility, A.B. Radiocirugía y Radioterapia de Puebla ("A.B."), in Puebla, Mexico, located 80 miles from Mexico City.

AMS has a Joint Venture ("JV") agreement with the principal owners of Guadalupe Amor Y Bien ("Guadalupe") to treat public and private cancer patients at A.B. AMS and Guadalupe hold 85% and 15% ownership interests, respectively, in A.B. Under the agreement, AMS has provided an Elekta Versa HD ("Versa") linear accelerator ("linac"), an upgrade to Guadalupe's previous, older linac, and Guadalupe was accountable for all site modification costs.

Guadalupe Amor Y Bien was a well-established, privately owned radiation therapy facility. Founded in 1997, Guadalupe introduced the first linac in the region which has a population of over six million people. The facility had not previously operated since 2020. A.B. Radiocirugía y Radioterapia de Puebla is staffed by an administrative and medical team, including a full-time Director General and radiation oncologist Medical Director, physicists and radiation therapists.

"We are excited about this first expansion of our international strategy into Mexico, which also includes our existing Gamma Knife centers in Peru and Ecuador. Moreover, we recently announced our joint venture agreement with Hospital San Javier to treat patients with the most advanced Leksell Gamma Knife Model Esprit in Guadalajara, Mexico," said Ray Stachowiak, Executive Chairman and Chief Executive Officer. "We believe the start of patient treatments in Puebla with the Versa linac is a testament to AMS' broadened product line and is ripe with opportunity. The upgrade to the Versa's multiple treatment techniques, which includes IMRT, VMAT, SBRT and Radiosurgery, are expected to generate significant demand from the populous region."

Ernest R. Bates, VP of Sales and Business Development-International at AMS, added, "The ability to offer additional treatment modalities to the region is expected to be a significant competitive advantage. The introduction of IMRT is expected to improve patient outcomes. The upgrade brings to fruition the first and only radiosurgery device to the region, where until now patients have been travelling 80 miles to Mexico City to receive these treatments. Importantly, the Versa's radiosurgery capabilities allow patients to be treated in one session versus multiple treatments for other options, which is expected to further drive demand."

AMS' JV partner, Ms. Guadalupe Guzman Moreno, commented, "We are excited to begin treating patients and providing these much-needed services to the region again. The enhanced equipment that the JV affords will ensure that our patients won't have to travel long distances to receive advanced care."

About American Shared Hospital Services (NYSE:AMS)

American Shared Hospital Services (ASHS) is a leading provider of creative financial and turnkey solutions to cancer treatment centers, hospitals, and large cancer networks worldwide. The Company works closely with all major global Original Equipment Manufacturers (OEMs) that provide leading edge clinical treatment systems and software to treat cancer using Radiation Therapy and Radiosurgery. The Company is vendor agnostic and provides financial support for a wide range of products including MR Guided Radiation Therapy Linacs, Advanced Digital Linear Accelerators, Proton Beam Therapy Systems, Brachytherapy systems and suites, and through the Company's subsidiary, GK Financing LLC., the Leksell Gamma Knife product and services. For more information, please visit www.ashs.com.

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 including statements regarding the expected continued growth of the Company and the expansion of the Company's Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company's Gamma Knife, proton therapy, and MR/LINAC businesses, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company's financial position. 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, 2023, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 25, 2024.

Contacts:

American Shared Hospital Services

Ranjit Pradhan VP Of Marketing

P: (415) 788-5300 Ext 4021

[email protected]

Investor Relations

PCG Advisory, Inc.

Kirin Smith, President

[email protected]