AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT:AMS), a
leading provider of turnkey technology solutions for advanced
radiosurgical and radiation therapy services, announced today the
private sale of a total of 650,000 newly issued common shares at a
purchase price of $2.43 per share, the closing price on June 10, 2014,
to Board of Directors members Raymond C. Stachowiak, John Ruffle, and
Stanley Trotman. The private offering is pursuant to a stock purchase
agreement the parties entered into on June 11, 2014.
Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "This
approximately $1.6 million investment is a powerful vote of confidence
in AMS' strategic direction by three Board members of long standing. We
plan to use the proceeds of this private equity placement for the
acceleration of our proton therapy projects now under development."
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.
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 Form 10-Q for the quarter ended March 31, 2014, and the
definitive Proxy Statement for the Annual Meeting of Shareholders held
on June 10, 2014.
Copyright Business Wire 2014