AMS agrees to sell Gamma Knife and radiation therapy business services in Turkey Euromedic -
AMERICAN SHARED HOSPITAL SERVICES (NYSE MKT: AMS) , one of the main charge of key technology solutions provider for service radiosurgical and advanced radiation therapy, announced today that it has entered an agreement to sell its Gamma Knife and radiation therapy business services Turkey Euromedic Cancer Treatment Centers BV (Euromedic). The transaction is subject to customary closing conditions and is expected to close on June 10, 2014. The payment of AMS will be in the form of cash, which will be mainly used to repay debt associated with the Turkish operations. Moreover, AMS is eligible for a future price supplement based on the income of both Gamma Knife units and a picture guided radiotherapy (IGRT) unit AMS currently operates in Istanbul and Adana, Turkey. Other terms of the transaction are not disclosed.
"While we were pleased with the performance of our Gamma Knife business and IGRT in Turkey since our entry into the market in 2011, we decided to focus our management and financial resources on the development of our company gamma much larger interior Knife and our excellent growth opportunity in proton therapy. We are pleased that Euromedic will continue to provide gamma Knife services and IGRT in Turkey, which we believe is a market with considerable potential. that's why provides that the earn-out portion of the transaction can generate significant returns for AMS over the coming years, "said AMS President and CEO Ernest A. Bates, MD
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