American Shared Hospital Services Announces Permanent Financing Package for its Orlando Proton Therapy Center
January 14 2016 - 9:03AM
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 that
it has entered into a definitive agreement for the permanent
financing, subject to regulatory approval and standard conditions
precedent, of its proton therapy center now under construction at
UF (University of Florida) Health Cancer Center - Orlando Health in
Florida. This center, which will employ the MEVION S250 proton
therapy system, is expected to begin treating patients in April of
this year.
Chairman and Chief Executive Officer Ernest A. Bates, M.D.,
said, "This financing agreement is an important milestone in the
development of AMS' proton business, a business we believe
represents an extraordinary growth opportunity for our company. We
have guided this initial project from its inception through
delivery and installation of the MEVION S250 system, obtained
permanent financing, and look forward to Orlando Health initiating
patient treatments soon. This demonstrates that we have the
resources and know-how to get these complex projects done, an
important consideration for other hospitals around the country that
have expressed interest in partnering with AMS to develop proton
centers of their own. We believe that the clinical advantages of
proton therapy in the treatment of a wide range of cancers will
support rapid growth in the application of this advanced
therapeutic technology, and we are convinced that AMS will be a
significant beneficiary."
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.
About Orlando Health
Orlando Health is a $2.3 billion not-for-profit health care
organization and a community-based network of physician practices,
hospitals, and outpatient care centers throughout Central Florida.
The organization includes Orlando Health Physician Group and
Physician Associates, two of the largest multi-specialty practices
in Central Florida, ownership in an outpatient surgery center, and
eight wholly-owned or affiliated hospitals. An Orlando Health
subsidiary holds a 51 percent interest in an entity operating five
outpatient imaging centers.
Orlando Health is home to the area’s only Level One Trauma
Centers for adults and pediatrics and is a statutory teaching
hospital system that offers both specialty and community hospitals.
They are: Orlando Regional Medical Center; Dr. P. Phillips
Hospital; South Seminole Hospital; Health Central Hospital, the
Arnold Palmer Medical Center, which consists of Arnold Palmer
Hospital for Children and Winnie Palmer Hospital for Women &
Babies; the UF Health Cancer Center – Orlando Health, South Lake
Hospital (50 percent affiliation); and St. Cloud Regional Medical
Center (20 percent affiliation). Areas of clinical excellence are
heart and vascular, cancer care, neurosciences, surgery, pediatric
orthopedics and sports medicine, neonatology, and women’s
health.
More than 2,000 physicians have privileges at Orlando Health,
which is also one of the area’s largest employers with more than
15,000 employees who support our philosophy of providing high
quality care and service that revolves around patients’ needs. We
prove this everyday with over 100,000 inpatient admissions and
nearly 900,000 outpatient visits each year. In all, Orlando Health
serves 1.8 million Central Florida residents and more than 4,500
international patients annually. Additionally, Orlando Health
provides nearly $235 million in support of community health needs.
More information can be found at http://www.orlandohealth.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, 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, the risks of investing in a development-stage
company, Mevion Medical Systems, Inc., 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 for the year ended December
31, 2014, its quarterly reports on Form 10-Q for the three months
ended March 31, 2015, June 30, 2015, and September 30, 2015, and
the definitive Proxy Statement for the Annual Meeting of
Shareholders held on June 16, 2015.
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version on businesswire.com: http://www.businesswire.com/news/home/20160114005269/en/
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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