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.
Copyright Business Wire 2014