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American Shared Hospital Services Receives Firm Financing Commitment for the Proton Therapy System It Will Supply to MD Anderson

  American Shared Hospital Services Receives Firm Financing Commitment for the
  Proton Therapy System It Will Supply to MD Anderson Cancer Center Orlando

Business Wire

SAN FRANCISCO -- October 15, 2012

AMERICAN SHARED HOSPITAL SERVICES (AMEX:AMS), a leading provider of turnkey
technology solutions for advanced radiosurgical and radiation therapy
services, announced today that it has received a firm financing commitment for
the MEVION S250™ Proton Therapy System AMS will supply for the $25 million
proton therapy center now under construction at MD Anderson Cancer Center
Orlando.

MD Anderson Orlando's new facility, the first proton center in Central
Florida, is expected to begin treating patients in early 2014.

AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said,
"Following the announcement in June of FDA 510(k) clearance for the MEVION
S250, our receipt of a firm financing commitment for the proton device we will
supply to the new center in Orlando is the next important step in AMS'
long-term strategy to develop proton projects as rapidly as possible, even as
we continue growing our Gamma Knife business. The financing is similar to the
structure we have used for many years to finance our Gamma Knife projects. We
expect the MD Anderson Cancer Center Orlando to be the model for additional
proton centers we are developing. We are pleased to play a critical role in
making this exciting cancer therapy available at an affordable price." AMS
owns approximately 1% of Mevion Medical Systems, developer of the MEVION S250,
and in addition to Orlando is developing proton therapy centers in Boston and
Long Beach, California which are expected to employ the Mevion device. AMS
also is developing a two room proton therapy center in Dayton, Ohio.

"By bringing this technology here to Central Florida, we are making this
revolutionary cancer treatment available to so many more individuals," said
Mark Roh, M.D, President of MD Anderson Cancer Center Orlando. "Proton Therapy
is the cutting edge of cancer fighting technology and now we’ll have it right
here in Orlando."

About Proton Therapy

Proton beam radiation therapy accurately delivers targeted radiation doses
with complete proton energy absorption at predictable tissue depth, thus
allowing precise radiation delivery adjacent to critical structures and lower
radiation doses to healthy structures. Proton therapy, because it can so
precisely target tumors, has proven very effective at treating specific
cancers and patients report fewer side effects. MD Anderson Orlando's proton
therapy center will treat cancers of the brain, spine, lung and prostrate as
well as pediatric cancers. Combining the elements of a superconducting
synchrocyclotron mounted on a gantry with accelerator technology that has
proven to be reliable and simple for the user, the MEVION S250 significantly
reduces the cost, size and complexity of proton technology, and promises to
make this innovative therapy accessible, affordable and practical.

About MD Anderson Cancer Center Orlando

MD Anderson Cancer Center Orlando, part of Orlando Health, is affiliated with
The University of Texas MD Anderson Cancer Center in Houston. U.S. News &
World Report recently ranked MD Anderson Cancer Center as the top cancer
treatment center in the U.S. and has ranked it as one of the top two cancer
centers for the past 13 years. Orlando Health, a 1,882-bed community-owned,
Florida not-for-profit organization established in 1918, annually serves
nearly 2 million Central Florida residents and more than 4,500 international
patients. More information is available at www.mdacco.com.

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 ^SM
concept. AMS owns a preferred stock investment in Mevion Medical Systems,
Inc., developer of the compact MEVION S250 Proton Therapy System.

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 and
radiation therapy businesses, the risks of developing The Operating Room for
the 21st Century program, and the risks of investing in a development-stage
company, Mevion Medical 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, 2011, the Quarterly Report on form 10-Q for the quarter
ended March 31, 2012, the Quarterly Reports on Form 10-Q and 10-Q/A for the
quarter ended June 30, 2012, and the definitive Proxy Statement for the Annual
Meeting of Shareholders held on June 7, 2012.

Contact:

American Shared Hospital Services
Ernest A. Bates, M.D., 415-788-5300
Chairman and Chief Executive Officer
e.bates@ashs.com
or
Berkman Associates
Neil Berkman, 310-477-3118
President
info@berkmanassociates.com