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American Shared Hospital Services to Develop Proton Beam Radiation Therapy Facility at Long Beach Memorial Medical Center

October 10, 2008

AMERICAN SHARED HOSPITAL SERVICES (AMEX,PCX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it and Dr. A.M. Nisar Syed & Associates, a leading radiation oncology group, have agreed to provide a Monarch 250(TM) proton beam radiation therapy (PBRT) facility at Long Beach Memorial Medical Center (LBMMC) in Long Beach, California.

Currently under development by Still River Systems, Littleton, Massachusetts, the Monarch 250 is a single-treatment-room system incorporating proprietary technology that dramatically reduces the cost of implementing proton beam radiation therapy.

“Widely regarded as the optimal radiation treatment for a wide variety of cancers, proton beam radiation therapy is the most significant advance in radiation oncology in a generation. In partnership with an illustrious group of radiation oncologists, AMS is taking the lead in making this advanced therapy available to cancer patients at LBMMC,” said Ernest A. Bates, M.D., Chairman and CEO of American Shared Hospital Services. “Subject to approval by the Board of Directors of LBMMC and FDA clearance of the Still River PBRT device, we and our partners hope to begin treating patients at this single-treatment-room facility by 2011.”

Terry A. Belmont, CEO of Long Beach Memorial Medical Center, said, “With its many clinical advantages over traditional radiation therapy, we expect proton beam radiation therapy to capture a significant share of the radiation oncology market in the years ahead. As an industry leader, we are excited that LBMMC will become only the second medical center in Southern California to make PBRT available to cancer patients.”

AMS previously has announced contracts to place PBRT devices at Tufts Medical Center in Boston and Orlando Regional Healthcare (with professional services to be provided exclusively by M.D. Anderson Cancer Center Orlando).

About Long Beach Memorial Medical Center

Long Beach Memorial Medical Center has been providing compassionate care and offering the latest state-of-the-art technology for more than 100 years. Long Beach Memorial is the region’s first choice for comprehensive care in virtually every medical and surgical specialty and has been recognized as one of the nation’s premiere medical centers. Long Beach Memorial Medical Center’s Todd Cancer Institute is one of the region’s most prestigious and successful cancer centers. At the forefront of cancer management are the divisions of Radiation Oncology, Gynecologic Oncology, Breast Oncology, Thoracic Oncology, Gastrointestinal Oncology, Genitourinary Oncology and Pediatric Oncology.

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(R) concept. Through its equity investment in Still River Systems, AMS also plans to complement these services with the Monarch 250(TM) proton beam radiation therapy (PBRT) system, which has not yet been approved by the FDA.

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 business, the risks of developing its IMRT and The Operating Room for the 21st Century programs, and the risks of investing in a development-stage company, Still River 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, 2007, Form 10-Q for the three months ended March 31, 2008 and June 30, 2008, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 20, 2008.




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