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GK Financing LLC, a Subsidiary of American Shared Hospital Services, Announces Extension of Agreement with PeaceHealth Sacred Heart Medical Center at RiverBend

American Shared Hospital Services
American Shared Hospital Services

Extended 10-year Agreement to Upgrade Gamma Knife® Perfexion™ with Elekta Esprit

SAN FRANCISCO, June 07, 2024 (GLOBE NEWSWIRE) -- GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (NYSE American: AMS), a leading provider of turnkey technology solutions for advanced radiosurgery and radiation oncology services, announced today that it has extended its current agreement with PeaceHealth Sacred Heart Medical Center at RiverBend in Springfield, Ore.

The new agreement will see the center upgrade its existing Gamma Knife® Perfexion™ system with Esprit, Elekta’s newest Gamma Knife® radiosurgery system. GKF expects to complete installation by October 1.

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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 in a single platform and offers clinicians 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.

Ray Stachowiak, executive chairman and CEO of American Shared Hospital Services, said: “Our longstanding partnership of 10 years with PeaceHealth Sacred Heart Medical Center at RiverBend will continue to grow with the upgrade of its current Gamma Knife® to the new Esprit system. GKF is extremely proud to support the neurosurgery and radiation oncology teams as they move to the latest Gamma Knife® Esprit, which will allow them to offer even more precise clinical treatments to patients. 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 cancer patients at RiverBend.”

Andrew Kokkino, MD, medical director of the Gamma Knife Center at PeaceHealth Sacred Heart Medical Center at RiverBend, added: “Our medical staff has been providing Gamma Knife® radiosurgery treatments with great success since adding it to the suite of treatments we offer to our patients. Upgrading our current system with the Esprit gives us multiple clinical options. Now we can offer even more personalized and patient-friendly treatments. Patients can return home the same day and resume their normal activities shortly after. We are excited to continue our partnership with GKF and appreciate its support in bringing Esprit to our hospital.”

About PeaceHealth

PeaceHealth, based in Vancouver, Wash., is a non-profit Catholic health system offering care to communities in Washington, Oregon and Alaska. PeaceHealth has approximately 16,000 caregivers, more than 3,000 providers, more than 160 clinics and 9 medical centers serving both urban and rural communities throughout the Northwest. In 1890, the Sisters of St. Joseph of Peace founded what has become PeaceHealth. The Sisters shared expertise and transferred wisdom from one medical center to another, always finding the best way to serve the unmet need for healthcare in their communities. Today, PeaceHealth is the legacy of the founding Sisters and continues with a spirit of respect, stewardship, collaboration and social justice in fulfilling its Mission. Visit us online at peacehealth.org.

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 (NYSE American: AMS)

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 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 American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and MR/LINAC businesses, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. 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, 2023, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 20, 2023.

Contacts:

GK Financing, LLC
Ranjit Pradhan
VP Of Marketing
P: (415) 788-5300 Ext 4021
rpradhan@ashs.com

Jim Murez
PeaceHealth Communications
jmurez@peacehealth.org

PCG Advisory Group, Investor Relations
Kirin Smith
646-823-8656
kirin@pcgadvisory.com