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Sagemark Launches Radiation Therapy Initiative

Posted on: Monday, 1 October 2007, 12:00 CDT

The Sagemark Companies Ltd. (OTC BB: SKCO) announced today that it has formed Premier Oncology, Inc., a wholly owned subsidiary, to pursue its radiation therapy cancer treatment center initiative.

Premier Oncology's first radiation therapy venture is Premier Oncology Management of Nassau, LLC which is developing a 5,000 square foot state-of-the-art out-patient cancer treatment facility in Great Neck, New York that will feature a TomoTherapy Hi-Art® system, one of the most advanced radiation therapy cancer treatment systems available, with an anticipated opening in Q1 2008.

The strategic location of the Great Neck center will build on the Company's existing presence in that market, where for the past five years, it has built a substantial referring physician base for its PET/CT imaging centers -- two of which are located within the referring physician radius of the new radiation therapy center.

David R. Greenblatt, MD and Michael Forbes Wesson, MD, radiation oncologists that have developed and operated several cancer treatment centers in the New York metropolitan area, including Advanced Radiation Oncology Services of Rockland located in Nyack, New York that also features a TomoTherapy® system, own 51% of this center.

To fund this project, Premier Oncology Management of Nassau, LLC. has secured a commitment for $4.5 million in equipment lease and line of credit financing. In addition and, in exchange for a 24.5% equity interest in Premier Oncology Management of Nassau, LLC, it has completed a $1 million private placement for the anticipated working capital needs of the radiation therapy center. Premier Oncology, Inc. has retained a 24.5% equity interest in this center.

"Establishing Premier Oncology Management of Nassau, LLC is the initiation of our growth strategy aimed at the development of radiation therapy centers and is a significant milestone for Sagemark," stated Ron Lipstein, President and Chief Executive Officer of The Sagemark Companies, and President of its subsidiary Premier Oncology, Inc. "We look forward to the opening of the Great Neck center and to providing the most advanced radiation therapy services available to cancer patients in Long Island, New York. Additionally, we plan to continue to aggressively pursue the further development of our radiation therapy initiative and expect to conclude negotiations for the development of two additional radiation therapy centers before the end of the year," concluded Mr. Lipstein.

About The Sagemark Companies Ltd. The Sagemark Companies Ltd. owns, operates and administers out-patient medical diagnostic imaging centers that utilize positron emission tomography (PET), and PET and computed tomography (PET/CT) equipment, an advanced diagnostic imaging procedure used by physicians in the detection and staging of certain cancers, coronary disease and neurological disorders. Additionally, the Company is developing medical centers featuring advanced and versatile radiation therapy systems for the treatment of a wide variety of cancers.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements about the Company's future plans, expectations and objectives regarding the development of radiation therapy centers are forward-looking statements within the meaning of the Safe Harbor provisions of such Act. These forward-looking statements are not historical facts and are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect the Company's business and its financial results are detailed in its most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB, as well as other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect changed events, the occurrence of unanticipated events or circumstances after the date of this release

Source: Business Wire

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