GK Financing LLC, a Subsidiary of American Shared Hospital Services, Announces Agreement to Reload Lovelace Medical Center with New Cobalt Sources and Software Upgrade

Rhea-AI Summary

GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (NYSE American: AMS), has entered into an agreement with Lovelace Medical Center (LMC), Albuquerque, NM, to reload its Gamma Knife Icon with new Cobalt Sources and install Lightning Treatment Planning software. The installation is expected to be completed in mid-2024. The upgrade aims to drive efficiencies, productivity, and accuracy, benefiting the Albuquerque community battling cancer.

Installation expected to be Completed in Mid-2024

SAN FRANCISCO, Dec. 13, 2023 (GLOBE NEWSWIRE) -- GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (NYSE American: AMS), and a leading provider of creative financial and turnkey technology solutions for advanced radiosurgery and radiation oncology services, announced today that it has entered into an agreement with Lovelace Medical Center (LMC), Albuquerque, NM, to reload its Gamma Knife Icon with new Cobalt Sources, as well as install Lightning Treatment Planning software that is expected to drive efficiencies, productivity and accuracy, among other benefits. GKF projects completing installation in mid-2024.

Peter Gaccione, Chief Executive Officer of AMS and Board Member of GK Financing, commented, "This extension and upgrade demonstrates the confidence and value LMC bestows on our mutual partnership and the Gamma Knife^® Icon, which is the gold standard for gentler non-invasive cancer treatment and is a great benefit to the Albuquerque community that is battling cancer.”

“Our providers and staff are committed to providing the highest quality of care at Lovelace Medical Center,” said Brian Miller, LMC Chief Operating Officer. “We are proud to continue to provide care for our community with the State’s only Gamma Knife^® that treats cancer with more precise radiosurgery, and can lead to a better outcome and improved quality of life for our patients.”

Gamma Knife^® radiosurgery is a gentler alternative to open surgery and conventional radiotherapy as it can target the smallest and most challenging intracranial tumors and lesions with minimal effect on healthy tissue. This vital precision safeguards motor, sensory and neurocognitive function to help protect the mind and the person.

About Lovelace Medical Center

Lovelace Medical Center (LMC), located in the heart of Albuquerque, is a 263-bed acute care hospital with over 1,200 employees providing comprehensive care, including around-the-clock emergency care, surgical services, non-invasive robotic spine surgery, cardiology, stroke care, radiology and oncology services. Lovelace Medical Center was recently given a Spring 2021 Grade A by Leapfrog Hospital Safety and received the American Heart Association/American Stroke Association Get with the Guidelines Stroke Gold Plus Quality Achievement Award for 2023 for the 11th consecutive year. It earned Spine Surgery Program Certification from DNV for 2022- 2025 by demonstrating excellence in orthopedic surgery, including diagnosis and treatments in spine surgery as well as Primary Stroke Center Certification from DNV for 2022 – 2025 for its readiness to handle a full range of stroke-related medical problems. Money and the Leapfrog Group named LMC to their list for 2022 Best Hospitals and Surgery Centers for Billing Ethics, showing its dedication to delivering the highest quality of care for patients, while ensuring adherence to the maximum ethical standards for billing. To learn more about the state-of-the-art treatment options, innovative health care providers and award-winning quality initiatives at Lovelace Medical Center, visit www.lovelace.com

About GK Financing, LLC

GK Financing, LLC, a subsidiary of American Shared Hospital Services in partnership with Elekta, provides creative financial and turnkey technology solutions for the Gamma Knife system. GKF 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). GKF offers creative payment models such as pay per treatment, payment on percentage of revenue collected, and joint venture models. GKF offers full project management for the entire project with no capital outlay in a risk sharing model.

For more information, please visit: www.gkfinancingllc.com.

About American Shared Hospital Services

American Shared Hospital Services (ASHS) is a leading provider of creative financial and turnkey solutions to cancer treatment centers, hospitals, and large cancer networks worldwide. The company works closely with all major global Original Equipment Manufacturers (OEMs) that provide leading edge clinical treatment systems and software to treat cancer using Radiation Therapy and Radiosurgery. The company is vendor agnostic and provides financial support for a wide range of products including MR Guided Radiation Therapy Linacs, Advanced Digital Linear Accelerators, Proton Beam Radiation Therapy Systems, Brachytherapy systems and suites, and through the Company’s subsidiary, GK Financing LLC., the Leksell Gamma Knife’s products and services. 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 GK Financing and American Shared Hospital Services (including statements regarding the expected continued growth in volume, expansion of the Company's business, and the timing of treatments by new Gamma Knife systems) which involve risks and uncertainties including, but not limited to, the risks of variability of financial results between quarters, the risks of the Gamma Knife and radiation therapy businesses, and the risks of the timing, financing, and operations of the Company business. 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, its Quarterly Reports on Form 10-Q, and the definitive Proxy Statement for the Annual Meeting of Shareholders.

Contacts:

GK Financing, LLC
Ranjit Pradhan Head Of Marketing
P: (415) 788-5300 Ext 4021
rpradhan@ashs.com

Lovelace Medical Center
Whitney Marquez
Communications Manager
P: (505).903.0367
Whitney.Marquez@lovelace.com

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

FAQ

What is the agreement between GK Financing LLC and Lovelace Medical Center?

GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (NYSE American: AMS), has entered into an agreement with Lovelace Medical Center (LMC), Albuquerque, NM, to reload its Gamma Knife Icon with new Cobalt Sources and install Lightning Treatment Planning software.

When is the installation expected to be completed?

The installation is expected to be completed in mid-2024.

What are the benefits of the upgrade for Lovelace Medical Center and the Albuquerque community?

The upgrade aims to drive efficiencies, productivity, and accuracy, benefiting the Albuquerque community battling cancer.

What is Gamma Knife® radiosurgery?

Gamma Knife® radiosurgery is a gentler alternative to open surgery and conventional radiotherapy, targeting the smallest and most challenging intracranial tumors and lesions with minimal effect on healthy tissue.

What is the significance of the upgrade for AMS and GKF?

The upgrade demonstrates the confidence and value Lovelace Medical Center bestows on the mutual partnership and the Gamma Knife® Icon, which is the gold standard for gentler non-invasive cancer treatment.