GK Financing LLC, a Subsidiary of American Shared Hospital Services, Announces Upgrading at Ecuador Center (GKCE) with State-of-the-Art Gamma Knife ICON

Upgrade of Gamma Knife® 4C with NEW Elekta ICON for most precise and accurate treatment of Intracranial cancers and other indications

SAN FRANCISCO, Nov. 28, 2023 (GLOBE NEWSWIRE) — 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 demonstrated its continued commitment in Ecuador by completing the installation of a new state-of-the-art Elekta Gamma Knife ICON at the Company’s wholly owned Gamma Knife Center (GKCE). The first patient was treated successfully on November 14, 2023, after completion of clinical acceptance. The total downtime for removal, installation and acceptance testing took just six weeks to perform.

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 the surrounding healthy tissue. This vital precision safeguards motor, sensory and neurocognitive function to help protect the mind and the person.

Gamma Knife ICON includes a variety of innovations now available in a single platform, including offering clinicians the option of performing frameless (or mask based immobilization of the head) or frame-based immobilization workflows with the Leksell headframe, both of which provide superior visualization. The Gamma Knife ICON also employs the latest Lightning Treatment Planning system with remote treatment planning that increases and improves workflow efficiency and accessibility, as well as collaboration tools designed to meet the needs of changing clinical environments. ICON also offers CT Imaging technology for faster patient set up and verification.

Dr. Mario Pinos, Medical Director of GKCE, commented about the first treatment, “Gamma Knife Center Ecuador successfully completed a groundbreaking treatment under extremely comfortable conditions for our patient with our newly installed state-of-the-art system in a reduced time frame. The entire medical team participated in our first ICON case and are exhilarated with the expanded clinical outcomes. Gamma Knife ICON is designed to save lives threatened by brain lesions.”

Pamela Mata, General Manager GKCE, added, “Gamma Knife Center Ecuador can now offer an even wider array of treatment options with its new ICON suite, and will continue to provide its excellent patient experience practices to those with rare catastrophic diseases, and providing hope and wellbeing to hundreds of Ecuadorians.”

Peter Gaccione, CEO of American Shared Hospital Services and Board Member of GKCE, said, “We are so pleased to provide this latest advanced treatment technology to our Center in Ecuador. The Gamma Knife ICON offers more clinical throughput, features, and benefits to patients, such as faster treatment times, masked-based immobilization, and same day CT Imaging and treatments when applicable. These expanded options will benefit our patients in Ecuador in their fight against cancer.”

About Gamma Knife Center Ecuador (GKCE)

Since 2011, Gamma Knife Center Ecuador has been a pioneer in the field of radiosurgery, operating as the only specialized center in Ecuador for the care of brain tumors and other lesions that traditionally required conventional surgery. Our experience is based on science and real action for safe, reliable and efficient diagnosis and treatment and supported by staff with a patient-centered focus.

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

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 Radiation 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 GK Financing and American Shared Hospital Services (including statements regarding the expected continued growth in volume, 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’s 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 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
Ranjit Pradhan, Head of Marketing
P: (415) 788-5300 Ext 4021
rpradhan@ashs.com

Gamma Knife Center Ecuador – GKCE
Pamela Mata Patino, General Manager
P: +593 98 517 8800
pmata@gammaknife.com.ec

Investor Relations
PCG Advisory Group
Stephanie Prince, SMD
P: (646) 863-6341
sprince@pcgadvisory.com