GK Financing LLC, a Subsidiary of American Shared Hospital Services, Announces New Agreement with Methodist Hospital

Agreement to Replace Gamma Knife® Perfexion™ with Elekta Esprit

SAN FRANCISCO, CA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- via -- 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 it has extended its current agreement with Methodist Hospital, of San Antonio, Texas. The new agreement includes replacing its current Gamma Knife® Perfexion™ system with Esprit, Elekta’s newest Gamma Knife radiosurgery system.  GKF expects to complete the installation by year end 2023 or early in 2024.

Gamma Knife® radiosurgery is a gentler 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.

Esprit includes a variety of innovations now available in a single platform and continues to offer clinicians the option of frameless or frame-based workflows with a frame that provides superior visualization, remote treatment planning that increases and improves workflow efficiency and remote accessibility and collaboration tools designed to meet the needs of changing environments.

Peter Gaccione, CEO of American Shared Hospital Services and President of GK Financing, commented, "Our longstanding partnership of 25 years with Methodist Hospital San Antonio will continue to grow with the replacement of their current Gamma Knife to the new Esprit system. Patients treated with Esprit can maintain their quality of life and go back to what they love doing after radiosurgery. We look forward to bringing this new technology to San Antonio that will benefit patients in their fight against cancer.”

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.

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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 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:

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

Craig Tagawa, CEO

P: (415) 788-5300

Investor Relations

PCG Advisory

Stephanie Prince

P: (646) 863-6341