American Shared Hospital Services Announces Closing of Acquisition of 60% Majority Interest in Three Radiation Therapy Cancer Centers in Rhode Island
Retrieved on:
Thursday, May 9, 2024
SAN FRANCISCO, May 09, 2024 (GLOBE NEWSWIRE) -- American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy cancer treatment systems and services, today announced the closing of its acquisition of a 60% majority equity interest in the Southern New England Regional Cancer Center, LLC and Roger Williams Radiation Therapy, LLC, both Rhode Island limited liability corporations (the “Companies”) as well as certain payor contracts, from the Chapter 11 Bankruptcy Estate of GenesisCare USA, Inc., a Florida corporation, for a purchase price of $2.85 million.
Key Points:
- Additionally, the Company announced that its projected revenue backlog has more than doubled to over $210 million with this acquisition.
- American Shared estimates that our projected revenue backlog has increased significantly, from $106 million in 2021 to an estimated $213 million in May 2024.
- Because the Rhode Island and international agreements have no termination date, we anticipate these centers will generate revenues for at least the next ten years.
- A key to this acquisition is that our ownership preserves the offering of radiation therapy services at the strategically convenient Woonsocket, Providence and Warwick demographic locations.