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Ernest R. Bates Named Vice President of Sales & Business Development at American Shared Hospital Services

Posted on: Monday, 26 February 2007, 15:01 CST

AMERICAN SHARED HOSPITAL SERVICES (AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today Ernest R. Bates has been named to the new position of Vice President of Sales & Business Development.

"Our goal is to drive AMS' growth by offering our current and potential clinical partners a broader range of advanced treatment simulation and planning equipment and software and technology solutions for radiation oncology delivery than ever before. The design and implementation of an effective sales strategy is crucial to taking full advantage of what we believe is a significant long-term growth opportunity. With his many years of high-level business experience and impressive record of success, as well as his deep understanding of the Company and our goals as a member of our Board since 2004, Ernest R. Bates is well prepared for his important new role at AMS," said Chairman and CEO Ernest A. Bates, M.D. He added that in connection with his new role at AMS, Mr. Bates has resigned from the Board.

Since 2003, Mr. Bates was Managing Director, Institutional Fixed Income Sales at HSBC Securities (USA), Inc., where he also served as Managing Director, Head of Asian Product from 1999 to 2003. Earlier, Mr. Bates held various positions with Merrill Lynch, most recently Vice President, European Syndicate for Merrill Lynch International. He received a B.A. from Brown University and an M.B.A from The Wharton Business School. Mr. Bates, 40 years old, is the son of Dr. Ernest A. Bates.

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 services, 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® concept. Through its equity investment in Still River Systems, AMS plans to complement these services with the Clinatron-250™ proton beam radiation therapy (PBRT) system, which has not yet been approved by the FDA. For more information, 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, 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, 2005, the Form 10-Q for the three months ended March 31, 2006, June 30, 2006, and September 30, 2006, and the definitive Proxy Statement for the Annual Meeting of Shareholders on June 28, 2006.

Source: Business Wire

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