American Shared Hospital Services Announces $1.6 Million Private Placement
June 13 2014 - 8:00AM
Business Wire
AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS),
a leading provider of turnkey technology solutions for advanced
radiosurgical and radiation therapy services, announced today the
private sale of a total of 650,000 newly issued common shares at a
purchase price of $2.43 per share, the closing price on June 10,
2014, to Board of Directors members Raymond C. Stachowiak, John
Ruffle, and Stanley Trotman. The private offering is pursuant to a
stock purchase agreement the parties entered into on June 11,
2014.
Chairman and Chief Executive Officer Ernest A. Bates, M.D.,
said, "This approximately $1.6 million investment is a powerful
vote of confidence in AMS' strategic direction by three Board
members of long standing. We plan to use the proceeds of this
private equity placement for the acceleration of our proton therapy
projects now under development."
About 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 the latest IGRT
and IMRT systems, as well as its proprietary Operating Room for the
21st CenturySM concept. AMS owns a common stock investment in
Mevion Medical Systems, Inc., developer of the compact MEVION S250
Proton Therapy System.
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, which involve risks and uncertainties including, but not
limited to, the risks of the Gamma Knife and radiation therapy
businesses, the risks of developing The Operating Room for the 21st
Century program, and the risks of investing in a development-stage
company, Mevion Medical Systems, Inc. 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, 2013, the Form
10-Q for the quarter ended March 31, 2014, and the definitive Proxy
Statement for the Annual Meeting of Shareholders held on June 10,
2014.
American Shared Hospital ServicesErnest A. Bates, M.D.,
(415) 788-5300Chairman and Chief Executive Officereabates@ashs.comorBerkman AssociatesNeil
Berkman, (310) 477-3118Presidentinfo@berkmanassociates.com
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