AMERICAN SHARED HOSPITAL SERVICES (NYSE AMEX:AMS)
, a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into multi-year contracts to supply a Gamma Knife
system to Florence Nightingale Hospital Group, Istanbul, Turkey, and a Gamma Knife and linear accelerator system to Baskent University, Adana, Turkey. These systems are expected to begin treating patients in the third quarter this year.
AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "Turkey is the fastest growing economy in Europe and the third fastest growing economy in the world behind only China and India. Given the small number of radiosurgery devices and services in the country today, and the fact that more than 90% of the population of 77 million is covered by health insurance, Turkey represents a significant growth opportunity for AMS."
Through its GK Financing subsidiary, AMS has established a financing company in Turkey, EWRS TIBBİ CİHAZLAR TİCARET LİMİTED ŞİRKETİ (EWRS), in partnership with EMKA LLC, an affiliate of Ankara-based ÖZYÜREK A.Ş., Elekta's (manufacturer of the Gamma Knife, Perfexion and related radiotherapy equipment) distributor in Turkey for the past twenty five years.
Dr. Bates continued, "With ÖZYÜREK A.Ş.'s years of experience and extensive network of contacts, our partnership has immediate credibility in the neurosurgery community in Turkey. Our initial clients are two of the most respected medical institutions in the country. Florence Nightingale Hospital Group has three hospitals and a medical center, and a new hospital currently under construction will increase the total number of beds to 800. The Group has a staff of seven neurosurgeons and 35 neurosurgery nurses. The Kisla Campus of Baskent University houses the largest and most modern oncology center in the region in a well-equipped 14-floor facility with 561 beds. This is a solid foundation for our new venture in this exciting market, which will accelerate the growth of our international Gamma Knife business and complement our position as the largest provider of Gamma Knife services in the United States."