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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): April 12, 2024
 
AMERICAN SHARED HOSPITAL SERVICES
(Exact Name of Registrant as Specified in Its Charter)
 
California
1-08789
94-2918118
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
   
601 Montgomery Street, Suite 1112
San Francisco, California
94111
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (415) 788-5300
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
  
Trading Symbol
  
Name of Each Exchange on Which Registered
American Shared Hospital Services
Common Stock, No Par Value
  
AMS
  
NYSE AMERICAN
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 






 
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
After the recent passing of Peter Gaccione, who served as the Chief Executive Officer of American Shared Hospital Services (the “Company”), on April 16, 2024, the Board of Directors (the “Board”) of the Company designated certain persons currently serving as Company executives to serve in additional executive capacities.
 
Raymond Stachowiak, who has served as the Executive Chairman of the Board since March 7, 2023, was appointed as Chief Executive Officer in addition to continuing to serve as the Company’s Executive Chairman of the Board. In the capacities of Executive Chairman of the Board and Chief Executive Officer, Mr. Stachowiak will continue to serve as, and perform the functions of, the principal executive officer of the Company. Mr. Stachowiak previously served as Chief Executive Officer of the Company from October 1, 2020 to March 7, 2023 and as Interim President and Chief Executive Officer from May 4, 2020 through September 30, 2020. Mr. Stachowiak joined the Board in 2009.
 
Craig Tagawa, who has served as the President and Assistant Secretary of the Company since October 1, 2020, was appointed as the Company’s Chief Operating Officer in addition to continuing to serve as the Company’s President and Assistant Secretary. Mr. Tagawa previously served as the Chief Operating Officer of the Company from February 1999 through September 2022. Mr. Tagawa also served as Chief Financial Officer of the Company from January 1992 through October 1995 and from May 1996 to April 2023.
 
There were no changes to Mr. Stachowiak’s or Mr. Tagawa’s compensation arrangements as a result of these appointments.  Biographical information, a summary of their business experience and any other information required to be disclosed with respect to Mr. Stachowiak and Mr. Tagawa under Items 401(b), (d), (e) and Item 404(a) of Regulation S-K was included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other reports the Company has previously filed with the Securities and Exchange Commission.
 
Item 8.01. Other Events.
 
On April 12, 2024, the Company issued a press release announcing that Mr. Gaccione, who served as the Chief Executive Officer of the Company, passed away. The press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
 
On April 18, 2024, the Company issued a press release announcing the appointments of Mr. Stachowiak and Mr. Tagawa. The press release is attached as Exhibit 99.2 hereto and incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit No.
Description
 
 
Exhibit 99.1
 
 
Exhibit 99.2 Press Release dated April 18, 2024.
   
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
 






 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
     
 
AMERICAN SHARED HOSPITAL SERVICES
 
(Registrant)
     
Dated: April 18, 2024
/s/ Raymond C. Stachowiak
  
 
By: Raymond C. Stachowiak
  
 
Title: Executive Chairman of the Board
  
 
 
EX-99.1 2 ex_653414.htm EXHIBIT 99.1 ex_653414.htm

Exhibit 99.1

 

American Shared Hospital Services Announces the Sudden Passing of CEO, Peter Gaccione

 

 

SAN FRANCISCO, April 12, 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 equipment and services, today announces the sudden passing of its Chief Executive Officer, Peter Gaccione.

 

Ray Stachowiak, Executive Chairman of American Shared Hospital Services, said, “On behalf of my colleagues at AMS, we are deeply saddened by the unexpected passing of Peter Gaccione and we extend our sincere sympathies to his family. Peter’s enthusiasm, integrity, and empowering leadership style have shaped the organization over the past 18 months, and his tremendous contribution to AMS will not be forgotten.”

 

Mr. Gaccione was appointed CEO at AMS in March 2023 after serving briefly as the company’s Chief Operating Officer. He brought 40 years of experience in the global Radiation Oncology and Imaging business to the role, including time spent as President and a Member of the Executive Management Board of Myocardial Solutions Inc., a medical technology company in the cardiology and cardio-oncology field, where he led the product commercialization, sales, marketing development, and clinical teams.

 

Mr. Gaccione also served at Elekta AB, a provider of precision radiation oncology treatment systems, brachytherapy, neuroscience, and software solutions, from 1997 to 2020, culminating in his promotion to the position of President and Chief Executive Officer of Elekta Inc. and Elekta Medical S.A. de C.V. (Mexico), as well as Executive Vice President of Elekta North and Latin America Regions and a Member of the Elekta AB Global Executive Management team from June 2017 to February 2020.

 

 

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services (ASHS) is a leading provider of creative financial and turnkey solutions to Cancer Treatment Centers, hospitals, and large cancer networks worldwide.  The company works closely with all major global Original Equipment Manufacturers (OEMs) that provide leading edge clinical treatment systems and software to treat cancer using Radiation Therapy and Radiosurgery. The company is vendor agnostic and provides financial support for a wide range of products including MR Guided Radiation Therapy Linacs, Advanced Digital Linear Accelerators, Proton Beam Therapy Systems, Brachytherapy systems and suites, and through the Company’s subsidiary, GK Financing LLC., the Leksell Gamma Knife product and services. For more information, please visit: www.ashs.com

 







 

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 (including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and MR/LINAC businesses, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. 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, 2023, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 20, 2023.

 

Contacts:

American Shared Hospital Services
Ray Stachowiak
Executive Chairman
rstachowiak@ashs.com

 

Investor Relations
PCG Advisory

Jeff Ramson

jramson@pcgadvisory.com

 

 
EX-99.2 3 ex_656136.htm EXHIBIT 99.2 ex_656136.htm

Exhibit 99.2

 

American Shared Hospital Services Strengthens Senior Management Structure

 

SAN FRANCISCO, April 18, 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 equipment and services, today announces changes to strengthen its senior management structure.

 

AMS’ current Executive Chairman, Ray Stachowiak, will take on the role of Executive Chairman and Chief Executive Officer, and the Company’s President, Craig Tagawa, will become President and Chief Operating Officer, effective immediately. Bob Hiatt will continue to serve as the Company’s Chief Financial Officer. Ernie Bates will continue in the role of Vice President of International Sales and Marketing, and Curtis Ellis will continue to serve as Director of Sales, Western Region, USA.

 

In anticipation of AMS’ pending acquisition of a 60 percent interest in three radiation centers in Rhode Island, the Company is excited to announce the appointment of Greg Mercurio as Senior VP of Radiation Oncology. Mr. Mercurio brings deep experience in the radiation oncology field to the role, including 20 years in Certificate of Need attainment for the development and operation of radiation therapy facilities. He has built a strong network of relationships with physicians, hospitals and technology manufacturers for the mobilization and shared use of high tech medical technology.

 

Mr. Mercurio served a nationally renowned provider of radiation therapy for 15 years, strategizing the attainment of Certificates of Need to establish five radiation therapy facilities in Rhode Island in joint venture partnership with five community hospitals, which treat over 1,000 patients per year with radiation therapy and generate $10M a year in revenue. In addition, he has served as a radiation business consultant to major healthcare systems across the country, freestanding radiation oncology providers, and manufacturers of radiation therapy products.

 

The Company is also very pleased to announce that Ranjit Pradhan will be promoted from Head of Marketing and Customer Advocacy to Vice President of Customer Advocacy and Global Marketing. Mr. Pradhan brings 30 years of experience in healthcare to the role, having served in product management, marketing, technology and general management positions at Fortune 100 companies and global leaders including GE, Abbott, Elekta, Sysmex and Philips.

 

Ray Stachowiak, Executive Chairman of American Shared Hospital Services, said, “We have made a number of changes to our senior management structure following the sudden passing of Peter Gaccione, AMS’ Chief Executive Officer. I will take on the role of Executive Chairman and CEO, while Craig Tagawa will lead as the Company’s President and Chief Operating Officer. These changes more properly reflect the duties and responsibilities of each executive.

 

“Due to Peter’s contributions, we have built a deep and experienced team and together we will navigate this next period in the Company’s evolution.”

 







 

About American Shared Hospital Services (NYSE American: AMS)

 

American Shared Hospital Services (ASHS) is a leading provider of creative financial and turnkey solutions to cancer treatment centers, hospitals, and large cancer networks worldwide. The Company works closely with all major global Original Equipment Manufacturers (OEMs) that provide leading edge clinical treatment systems and software to treat cancer using Radiation Therapy and Radiosurgery. The Company is vendor agnostic and provides financial support for a wide range of products including MR Guided Radiation Therapy Linacs, Advanced Digital Linear Accelerators, Proton Beam Therapy Systems, Brachytherapy systems and suites, and through the Company’s subsidiary, GK Financing LLC., the Leksell Gamma Knife product and services. For more information, please visit www.ashs.com.

 

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 (including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and MR/LINAC business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and MR/LINAC businesses, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. 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, 2023, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 20, 2023.

 

Contacts:

American Shared Hospital Services

Ray Stachowiak

Executive Chairman and CEO

rstachowiak@ashs.com

 

Investor Relations

PCG Advisory

Jeff Ramson

jramson@pcgadvisory.com