American Shared Hospital Services Announces Turkish Government Approval of Reimbursement for Gamma Knife Treatments at Florence Nightingale Hospital Group

SAN FRANCISCO--(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 the government of Turkey has approved reimbursement under the country’s health insurance program for treatment with the Gamma Knife^® Perfexion^TM system at Florence Nightingale Hospital Group in Istanbul supplied by AMS through its EWRS Turkey subsidiary. This Perfexion system began treating private pay patients in May 2012.

“We expect treatment volume at Florence Nightingale Hospital Group to accelerate now that this reimbursement policy has been established. With more than 90% of Turkey’s population of 77 million covered under the country’s health insurance program, Turkey represents a significant growth opportunity for AMS.”

Reimbursement had previously been approved for treatments with the Gamma Knife system at Baskent University in Adana, Turkey supplied by AMS.

AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "We expect treatment volume at Florence Nightingale Hospital Group to accelerate now that this reimbursement policy has been established. With more than 90% of Turkey’s population of 77 million covered under the country’s health insurance program, Turkey represents a significant growth opportunity for AMS."

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 Century^SM concept. AMS owns a preferred 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., without a proven product. 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, 2011, the Quarterly Report on form 10-Q for the quarter ended March 31, 2012, the Quarterly Reports on Form 10-Q and 10-Q/A for the quarter ended June 30, 2012, the Quarterly Report on form 10-Q for the quarter ended September 30, 2012, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 7, 2012.