American Shared Hospital Services Announces Agreement to Upgrade Lovelace Medical Center Gamma Knife System to Icon

Installation Expected to be Completed Mid-2020

San Francisco, CA, March 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Shared Hospital Services (NYSE American: AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into an agreement with Lovelace Medical Center, Albuquerque, NM, to upgrade its Gamma Knife Perfexion system supplied by AMS in 2011 to the Leksell Gamma Knife Icon system.  AMS expects to complete the installation in mid-2020.

AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D, commented, "Our longstanding partnership with Lovelace Medical Center will continue to grow with the upgrade to the Icon system, which expands precision radiosurgery opportunities to include larger tumors. With the increased patient pool and greater flexibility provided to physicians, we expect growing usage and incremental revenue when the upgrade is completed later this year. There are additional opportunities to upgrade Gamma Knife units within our customer base and we expect to announce other agreements over time.”

“We at Gamma Knife Center of New Mexico, located in Lovelace Medical Center, are proud to continue to offer our patients the state’s only Gamma Knife for the treatment of complex, and often inoperable, conditions of the brain,” said Troy Greer, Lovelace Medical Center’s chief executive officer. “Leksell Gamma Knife Icon gives clinicians the option to perform more individualized delivery — without sacrificing precision and accuracy for patients.”

About Leksell Gamma Knife Icon

Building on Gamma Knife precision, Leksell Gamma Knife Icon gives clinicians the option to perform single or fractionated frame-based or frameless treatments, allowing for more individualized delivery — without sacrificing precision and accuracy. Addressing the growing radiosurgery market, Icon makes Leksell Gamma Knife radiosurgery more flexible and easier to use, allowing more clinics to build an intracranial radiosurgery program.

About Lovelace Medical Center

Lovelace Medical Center (LMC), located in the heart of Albuquerque, is a 263 bed acute care hospital providing comprehensive care, including around-the-clock emergency care, surgical services, non-invasive robotic spine surgery, cardiology, stroke care, radiology and oncology services, including the state’s only Gamma Knife Center for non-invasive radiologic brain surgery. To learn more about the state-of-the-art treatment options, innovative health care providers and award-winning quality initiatives at Lovelace Medical Center, visit lovelace.com/lmc.

About American Shared Hospital Services (NYSE American: 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 equipment, a non‑invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain).  The Company also offers proton therapy, and the latest IGRT and IMRT systems. 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 in volume of the MEVION S250 system, the expansion of the Company's proton therapy business, and the timing of treatments by new Gamma Knife systems) which involve risks and uncertainties including, but not limited to, the risks of variability of financial results between quarters, the risks of the Gamma Knife and radiation therapy businesses, and the risks of the timing, financing, and operations of the Company’s proton therapy business.  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, its Quarterly Reports on Form 10-Q, and the definitive Proxy Statement for the Annual Meeting of Shareholders.

CONTACT: Contacts:

American Shared Hospital Services
Ernest A. Bates, M.D.
Chairman and Chief Executive Officer
P: [phone]
[e-mail]

PCG Advisory Group, Investor Relations
Stephanie Prince
P: [phone]
[e-mail]