American Shared Hospital Services announces the signing of

JV will establish company 3rd international center

SAN FRANCISCO, CA, April 29, 2022 (GLOBE NEWSWIRE) — }via NewMediaWire ‒ American Shared Hospital Services (NYSE American:AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and Advanced Radiation Therapy Equipment and Services, today announced the signing of a joint venture agreement to partner with a radiation therapy facility in Puebla, Mexico, located 80 miles from Mexico City.

AMS has signed a joint venture (“JV”) agreement with principal owners of Guadalupe Amor Y Bien (“Guadalupe”) to establish a Mexican company (“Newco”) to treat public and private cancer patients. AMS and Guadalupe will hold an 85% and 15% stake in Newco, respectively. Under the agreement, AMS will be responsible for upgrading the linear accelerator (“linac”) to an Elekta Versa HD (“Versa”), and Guadalupe will be responsible for all site modification costs.

Guadalupe Amor Y Bien is a well established and private radiotherapy facility. Founded in 1997, Guadalupe introduced the first linac to the region which has a population of over six million. The facility, which has not operated since 2020, is expected to start in late 2022/early 2023, pending regulatory approvals. The Center will have an administrative and medical team, including a full-time medical director, a radiation oncologist and a medical physicist.

“This is an exciting transaction for AMS and the first expansion of our international strategy into Mexico, which also includes our existing Gamma Knife centers in Peru and Ecuador,” said Ray Stachowiak, President and CEO. “We believe the joint venture with the Guadalupe Plant Managers is a testament to AMS’ expanded product line and is full of opportunity. Upgrading the Versa’s multiple treatment techniques, which includes IMRT, VMAT, SBRT and radiosurgery, is expected to generate significant demand from the populated region.

Ernest R. Bates, senior vice president of sales and business development at AMS, added, “The ability to offer additional treatment modalities to the region should be a significant competitive advantage. The introduction of IMRT should improve patient outcomes. The upgrade will also bring the first and only radiosurgery machine to the region, where until now patients have traveled 80 miles to Mexico City to receive these treatments. Importantly, the Versa’s radiosurgery capabilities allow patients to be treated in a single session versus multiple treatments for other options, which should further drive demand.

AMS joint venture partner, Ms. Guadalupe Guzman Moreno, said, “We look forward to treating patients and providing these much needed services to the region again. The improved equipment that the JV will provide will ensure that our patients do not have to travel long distances to receive advanced care.

About American Hospital Shared Services (NYSE American: AMS)

American Shared Hospital Services is a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. AMS is a leading supplier of 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, IMRT and MR/LINAC systems. For more information, visit: www.ashs.com.

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements regarding the financial condition, results of operations and future plans of American Shared Hospital Services (including statements regarding the company’s expected continued growth and the expansion of Gamma Company’s Knife, proton therapy and MR/LINAC businesses, which involve risks and uncertainties, including but not limited to risks relating to economic and market conditions, risks of variability in financial results between the quarters, the risks of the Gamma Knife and proton therapy activities, the risks related to the development of The Operating Room for the 21st Century program, the risks of changes in the reimbursement rates or the CMS reimbursement methodology, the risks related to the schedule, financing and operations of the Company’s Gamma Knife, proton therapy and MR/LINAC activities, the risks of the pandemic ie of COVID-19 and its effect on the Company’s business activities and financial condition, the risk of expansion within or into new markets, the risk that the integration or continuation of operations of acquired businesses could adversely affect the financial results and the risk that current and future acquisitions could adversely affect the financial position of the Company. Additional information about potential factors that could affect American Shared Hospital Services’ financial condition, results of operations and future plans is included in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K for the fiscal year ended December 31, 2021, and the definitive proxy statement for the annual meeting of shareholders to be held on June 21, 2022.

contacts:

American Shared Hospital Services
Ray Stachowiak
Chief executive officer
rstachowiak@ashs.com

Investor Relations
PCG Notice
Stephanie Prince
T.: (646) 863-6341
sprince@pcgadvisory.com