American Shared Hospital Services Closes Sale of Its Gamma Knife Business in Turkey
June 10 2014 - 12:14PM
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 closed the sale of its Gamma Knife and Image Guided
Radiation Therapy (IGRT) services business in Turkey to Euromedic
Cancer Treatment Centers BV (Euromedic). Payment to AMS consisted
of cash, which will be used primarily to pay down debt associated
with the Turkey operations, and an earn-out based on future revenue
from the two Gamma Knife units and one IGRT unit AMS operated in
Istanbul and Adana, Turkey.
“We anticipate that the earn-out portion of the transaction may
generate considerable returns for AMS over the next few years,”
said AMS Chairman and Chief Executive Officer Ernest A. Bates,
M.D.
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 Euromedic
Euromedic is one of the largest healthcare investors and
operators through Private Public Partnerships (PPP) in Europe. The
company performs best-in-class radiological diagnostic, clinical
laboratory and cancer care services in 145 wholly-owned medical
centers. The company is continually growing and driving treatment
delivery to areas where none yet exists.
Euromedic International is a Dutch holding company that employs
more than 3,000 medical professionals. The company operates
diagnostic, clinical laboratory and cancer care (radiotherapy)
centers in Poland, Hungary, Romania, Bosnia and Herzegovina,
Croatia, Greece, Italy, Turkey, the Czech Republic, Ireland,
Switzerland, Lithuania, Bulgaria and Portugal. Euromedic activities
are divided into three divisions - Euromedic Diagnostics, which
operates diagnostic centers, Euromedic Cancer Care Centres,
which provide state-of-the-art comprehensive cancer treatment
services, and Euromedic Labs, which provide high-quality laboratory
investigations. Euromedic is audited by E&Y and its centers
operate strictly according to the globally accepted standard – ISO
9001. Visit www.euromedic.com for more information.
The Company’s shareholders
Euromedic’s success is due to its commitment to using the best
technology available, employing the best local experts in their
field, and ultimately doing the best for the patient. However, it
is also due to exemplary corporate governance. The shareholders of
Euromedic are among the largest private equity groups in the world
and, together with Euromedic management, drive the success and
growth of the company.
Ares Life Sciences (Ares) is a Jersey-based
investment partnership established in 2008 with the backing of the
Bertarelli family. Ares focuses its investment activities
exclusively on revenue-generating life sciences companies,
primarily in Europe, with the presence or capacity to expand
internationally. In the life sciences sector, Ares' main interest
is in biotechnology, pharmaceuticals, medical technology and
healthcare services. Ares is advised by a team of experienced life
science and investment executives.
Visit www.areslifesciences.com for more information.
Montagu Private Equity is one of Europe’s leading
private equity firms. Founded in 1968, Montagu can look back on
more than 40 years’ experience, investing in more than 400
transactions. Montagu has a strong track record of supporting
portfolio companies, dedicating significant resource to management
teams, as well as providing additional capital expenditure to fund
further growth. Montagu also has considerable expertise in helping
businesses to accelerate their growth in their home markets, as
well as to internationalise and expand their customer base. This
approach has led to real growth across Montagu’s portfolio. The
firm has assets under management of €3.3 billion. Montagu invests
in businesses that operate in stable markets across Europe with
transaction values ranging from approximately €100 million to €1
billion. Visit www.montagu.com for more information.
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
Quarterly Report on Form 10-Q for the quarter ended March 31, 2014
and the definitive Proxy Statement for the Annual Meeting of
Shareholders to be 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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