American Shared Hospital Services Signs Office Sub-Lease

Rhea-AI Summary

American Shared Hospital Services (NYSE American: AMS) announced a strategic office relocation aimed at cost-saving. Effective December 1, 2021, the company will move to a smaller corporate office, resulting in estimated annual cash savings exceeding $115,000. The CEO, Ray Stachowiak, highlighted that the shift follows successful remote work adaptations during the COVID-19 pandemic, making the transition efficient. AMS is known for providing advanced stereotactic radiosurgery and radiation therapy technology.

Positive

• Expected annual cash savings of over $115,000 from the office relocation.
• Successful transition to remote work adapted during the COVID-19 pandemic.
• Continued focus on advanced technology solutions in radiation therapy.

Negative

• None.

Move will Result in Annual Cash Savings of over $115,000

SAN FRANCISCO, CA, Nov. 30, 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 the Company has signed a sub-lease for its existing corporate offices. AMS has also signed a lease for new corporate offices with a smaller footprint.

Ray Stachowiak, Chief Executive Officer, commented, “With the onset of the COVID-19 pandemic, AMS implemented technology and processes that allowed its administrative staff to efficiently and effectively work remotely. As a consequence, the Company has sublet its current corporate office and will relocate its corporate office to a smaller space at 601 Montgomery Street, Suite 1112, San Francisco, California on December 1, 2021. This move is estimated to provide cash savings of more than $115,000 over the next 12 months.”

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 .

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,  June 30, 2021 and September 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 cost savings has AMS announced in their recent press release?

AMS expects annual cash savings of over $115,000 from relocating to a smaller office.

When will AMS relocate its corporate office?

AMS will relocate its corporate office on December 1, 2021.

What is the reason for AMS's office relocation?

The relocation is part of a strategy to reduce overhead costs after successfully implementing remote work during the COVID-19 pandemic.

What services does American Shared Hospital Services provide?

AMS provides turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy.