American Shared Hospital Services Expands Addressable Market to Federal Facilities

Rhea-AI Summary

American Shared Hospital Services (NYSE American: AMS) announced an expansion of its sales efforts to include federal healthcare facilities in the U.S., encompassing Veterans Affairs (VA) and Department of Defense (DoD) hospitals. This initiative follows a partnership with Growth Strategies in Motion (GSM) to enhance business development services. With $8.4 million in cash and a $7 million line of credit, AMS aims for sustained profitability. The company is known for its Gamma Knife radiosurgery equipment and advanced radiation therapy solutions.

Positive

• Expanded market to include federal facilities, enhancing growth potential.
• Partnership with Growth Strategies in Motion for improved sales strategy.
• Strong financial position with $8.4 million in cash and $7 million line of credit.

Negative

• None.

Includes All Government Funded Facilities in the U.S., including VA & DoD hospitals

SAN FRANCISCO, CA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that it has expanded the Company’s sales efforts to address the market that includes Federal facilities in the United States.

The Company’s target markets will now include Federal facilities in all Veterans Affairs (VA) hospitals, Department of Defense (DoD) hospitals, and any other healthcare associated entities within the U.S. federal government. This includes many esteemed facilities throughout our great country.

“We’re excited to increase our sales targets to include federal facilities through an agreement for business development services with Growth Strategies in Motion (GSM), a national corporate account outsourcing firm focused on the healthcare industry. This is an active and robust market for AMS’ broad turnkey technology solutions for advanced radiation therapy equipment and services. Expanding our addressable market is an important part of our strategic plan to achieve sustained profitability and follows the positive impacts from the balance sheet restructuring and debt refinancing that we completed earlier in the year. With substantial financial resources, including $8.4 million in cash and a $7 million line of credit, AMS is poised to pursue multiple business opportunities,” said Ray Stachowiak, Chief Executive Officer of AMS.

“This partnership with ASHS supports our continued efforts to ensure the best possible healthcare products and services are available to all of our veterans, active military, and their families. We are looking forward to representing ASHS and supporting those serving and those who served,” said Don Tuitel, Partner and Chief Strategy Officer, Growth Strategies in Motion.

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services is a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. AMS is a 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 proton therapy, and the latest IGRT, IMRT and MR/LINAC systems. For more information, please visit: www.ashs.com.

About Growth Strategies in Motion (GSM)

Growth Strategies in Motion (GSM) is a national corporate account outsourcing firm headquartered in Nashville, TN, that specializes in supporting healthcare companies in developing and executing winning sales strategies focused on key segments of the health care market that are often ignored, not because of the lack of opportunity, but because of their complexity. For more information, please visit: www.my-gsm.net

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 developing The Operating Room for the 21st Century program, 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 risks of the COVID-19 pandemic and its effect on the Company’s business operations and financial condition, 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, 2020, its quarterly report on Form 10-Q for the three months ended March 31, 2021 and June 30, 2021, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 25, 2021.

Contacts:

American Shared Hospital Services
Ray Stachowiak
Chief Executive Officer
rstachowiak@ashs.com

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

FAQ

What is the significance of AMS expanding its sales efforts to federal facilities?

This expansion allows AMS to tap into a new and potentially lucrative market, including VA and DoD hospitals, enhancing its growth prospects.

Who is partnering with AMS for business development services?

AMS has partnered with Growth Strategies in Motion (GSM) to enhance its sales strategy targeting federal healthcare facilities.

What financial resources does AMS currently have?

AMS has $8.4 million in cash and a $7 million line of credit, positioning it well for growth opportunities.

What kind of products does AMS specialize in?

AMS specializes in turnkey technology solutions for stereotactic radiosurgery, including Gamma Knife radiosurgery and advanced radiation therapy equipment.