• Fulfilled Purchase Agreement to Upgrade Gamma Knife® Perfexion™ to Gamma Knife® ICON

SAN FRANCISCO, CA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (NYSE American: AMS), a leading provider of creative financial and turnkey technology solutions for advanced radiosurgery and radiation oncology services, announced today that a recent upgrade, which included a new source reload, at Providence Swedish Radiosurgery Center has been completed and is now in clinical use. The new purchase agreement for GKF to upgrade the then current Gamma Knife Perfexion to the Gamma Knife ICON was signed earlier this year.

Peter Gaccione, CEO of American Shared Hospital Services and President of GK Financing (GKF), commented, “Providence Swedish Radiosurgery Center has provided Gamma Knife radiosurgery for 13 years. When they needed to upgrade to newer Gamma Knife technology, the team at GKF were able to put together a creative purchase plan that met their financial needs and allowed the Center to upgrade to the Gamma Knife ICON. The time from order to installation to first patient treated occurred fast and without any issues, allowing patients to quickly be treated with the newer technology.”

Gamma Knife® radiosurgery is an alternative to open surgery and conventional radiotherapy as it can target the smallest and most challenging intracranial tumors and lesions with minimal effect on healthy tissue. This vital precision safeguards motor, sensory and neurocognitive function to help protect the mind and the person. A specially trained team consisting of a radiation oncologist, neurosurgeon and medical physicist create a treatment plan to precisely deliver the focused beams of radiation from the Gamma Knife ICON to the targeted region for noninvasive treatment, with minimal effect on healthy tissue. Patients can return home the same day and resume their normal activities within days.

Mary Monahan, Administrator, Providence Swedish Radiosurgery Center, said, “Our site went through a Gamma Knife reload/upgrade from Perfexion to ICON. This was the first time we worked with GK Financing (GKF) and their support was timely and valuable. They are extremely knowledgeable and great communicators which led to a great first-time experience throughout the process. Based on this I would strongly recommend working through GKF. Everyone at the site, including the doctors, are extremely excited about the Gamma Knife ICON upgrade and look forward to treating patients!”

The Gamma Knife ICON includes a variety of innovations that are now available on a single platform and offers clinicians several new clinical features not previously available in Perfexion. ICON offers patients frameless head immobilization (masked-based immobilization) or frame-based workflows with the Leksell Headframe and has advanced on-board CT Imaging allowing for same day imaging and treatment. The ICON utilizes the Lightening Treatment Planning system offering faster treatment planning and remote treatment planning that increases and improves workflow efficiency utilizing remote accessibility and collaboration tools designed to meet the needs of changing environments.

About Providence Swedish Radiosurgery Center

Providence Swedish Radiosurgery Center is a radiation therapy center specializing in Stereotactic Radiosurgery (SRS) and Stereotactic Body Radiation Therapy (SBRT). The center opened in 2006, in partnership with the Tumor Institute Radiation Oncology Group (TIROG).  TIROG is a group of 14 radiation oncologists committed to caring for cancer patients in the greater Seattle area.  The name originates from the first cancer and radiation center in the Pacific Northwest, the Tumor Institute, originally established in downtown Seattle at Swedish Hospital in 1932.  TIROG was an early adopter of stereotactic radiosurgery having the first Gamma Knife in the Pacific Northwest in 1993. For further information contact www.tirog.org | www.swedish.org/radiosurgery

About GK Financing, LLC

GK Financing, LLC, a subsidiary of American Shared Hospital Services in partnership with Elekta, provides creative financial and turnkey technology solutions for the Gamma Knife system. GKF 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).  GKF offers creative payment models such as pay per treatment, payment on percentage of revenue collected, and even joint venture models. GKF provides full project management for the entire project with no capital outlay in a risk sharing model.

For more information, please visit: www.gkfinancingllc.com

About American Shared Hospital Services

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 Linear Accelerators, 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 GK Financing and American Shared Hospital Services (including statements regarding the expected continued growth in volume of the, expansion of the Company's 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  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.

Contacts:

GK Financing, LLC
Ranjit Pradhan, Head of Marketing and Customer Advocacy 
P: (415) 788-5300 Ext 4021
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PCG Advisory Group, Investor Relations
Stephanie Prince
P: (646) 863-6341
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