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EXHIBIT 99
AMERICAN SHARED HOSPITAL SERVICES ALLIANCE IMAGING, INC.
FOUR EMBARCADERO CENTER #0000 0000 XXXXXXXXXXXX XXXXX #000
XXX XXXXXXXXX XX 00000 XXXXXXX XX 00000
P R E S S R E L E A S E
For Immediate Release
March 12, 1998
AMERICAN SHARED HOSPITAL SERVICES
SIGNS AGREEMENT TO SELL DIAGNOSTIC IMAGING BUSINESS TO
ALLIANCE IMAGING, INC.
San Francisco, California
Anaheim, California March 12 ____
AMERICAN SHARED HOSPITAL SERVICES (AMEX, PCX: AMS) and ALLIANCE IMAGING, INC.
today announced they have signed a definitive agreement for American Shared to
sell its medical diagnostic imaging assets to Alliance Imaging.
The purchase price includes approximately $13.6 million in cash, and the
assumption of liabilities associated with American Shared's diagnostic imaging
business, including approximately $26.1 million of debt. The assets to be sold
include American Shared's equipment and contracts pursuant to which it provides
MRI, CT, ultrasound and nuclear diagnostic imaging services to over 200
hospitals, medical centers and medical offices located in 23 states, as well as
American Shared's cardiac catheterization laboratory and respiratory therapy
services business. Alliance Imaging said the acquisition will improve its credit
ratios.
After consummation of the transaction, American Shared will continue to provide
Gamma Knife radiosurgery services to major medical centers through its
subsidiary, GK Financing, LLC. American Shared also will continue development of
its "Operating Room for the 21st Century" activities.
The proposed transaction is subject to certain conditions, including receipt of
regulatory approvals and the approving vote of a majority of the shareholders of
American Shared. The companies said that they hoped to consummate the
transaction before July 15, 1998.
....continued
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AMERICAN SHARED HOSPITAL SERVICES AND ALLIANCE IMAGING, INC.
Press Release March 12, 1998
Page 2
Commenting on today's announcement, Xxxxxx X. Xxxxx, M.D., chairman and CEO of
American Shared said, "This transaction gives American Shared added capital for
continued growth. We already are the largest owner of Gamma Knife radiosurgery
units, with 3 units currently operating plus signed contracts for 4 additional
sites which are under development now. We will continue our growth through
acquisition of existing radiosurgery and related treatment centers, and the
development of more new sites. We expect to play a leading role in the
consolidation of freestanding and hospital-based radiotherapy units."
American Shared Hospital Services is a diversified medical services company,
with interests in mobile and shared diagnostic imaging, insurance services and
(through its 81% equity interest in GK Financing, LLC) radiosurgery services.
Headquarters are in San Francisco.
Alliance Imaging, Inc., an affiliate of Apollo Management, L.P., is a leading
provider of comprehensive diagnostic imaging services to hospitals and other
healthcare providers. Services are provided on either a mobile, shared-user
basis or on a full-time, single-user basis.
* * * *
Contact: Alliance Imaging, Inc.
Xxxxxxx X. Xxx, 714/688-7100
xxx.xxxxxxxxxxxxxxx.xxx
or
The Financial Relations Board, 310/442-0599
Xxxxx Xxxxxx, general information
Xxxxx Xxxxxx, analyst contact
Xxxxxxxxx Xxxxxxx, media contact
American Shared Hospital Services
Xxxxxxx Xxxxxx, 415/788-5300 (8am-6pm, M-F)
415/658-8003 (after hours)
415/431-2359 (home)
xxx.xxxx.xxx
