SOURCE: Sagemark Companies

November 01, 2005 11:26 ET

Dr. Michael Fagien Joins The Sagemark Companies Ltd. as Its Chief Medical Officer

NEW YORK, NY -- (MARKET WIRE) -- November 1, 2005 -- The Sagemark Companies Ltd. (OTC BB: SKCO), a national owner and operator of positron emission tomography (PET) medical diagnostic imaging centers, today announced that it has entered into an Executive Employment Agreement with Michael Fagien, M.D. to serve as the Company's Chief Medical Officer, and an Exclusive Radiology Services Agreement pursuant to which Dr. Fagien was engaged as the Company's radiologist to perform certain radiology services for the Company's PET imaging centers.

"We are delighted that Dr. Fagien has joined our executive management team," stated Ted Shapiro, President and Chief Executive Officer of The Sagemark Companies Ltd. "Dr. Fagien's extensive background in PET and PET/CT as well as his tremendous academic credentials and entrepreneurial skills will be instrumental in contributing to the planned growth of our Company and solidifying our imaging service base."

Dr. Fagien, a radiologist board certified in nuclear medicine and well respected within the medical community, previously served as Medical Director for National PET Scan, LLC, a leader in PET imaging services in Florida with facilities in Miami, Ft. Lauderdale, Jacksonville and St. Petersburg, as Chief Medical Officer for Radiology Corporation of America (RCOA), a leader in mobile PET facilities in the U.S., as well as the Chairman of the Medical Advisory Board of RCOA. Prior to his entrepreneurial endeavors, Dr. Fagien served as a Clinical Professor and as the Chief of Nuclear Medicine at the University of Florida (VAMC) for over a decade where he explored and gained expertise in oncologic imaging and the fusion of metabolic with anatomic imaging such as CT and MRI.

An international speaker on PET, PET/CT, nuclear medicine and advanced imaging, Dr. Fagien trains residents and radiologists throughout the world and teaches physicians about the appropriate utilization of PET and PET/CT. Additionally he advises the industry on the development of new products in the imaging field. As a member of the Medical Advisory Board for PET and Advanced Imaging at GE Healthcare, Dr. Fagien has contributed his significant field experience to the enhanced development and design of tools for more efficient interpretation of medical imaging scans by radiologists.

"The combination of functional and anatomical imaging that is available through PET/CT is truly the future of radiology and diagnostic medicine," stated Dr. Fagien. "I am excited to have joined The Sagemark Companies Ltd. where we have the opportunity to grow the Company and increase shareholder value while at the same time providing the most advanced medical imaging services to patients and the medical community through the use of PET/CT technology."

About The Sagemark Companies Ltd.

Sagemark owns, operates and administers out-patient medical diagnostic imaging centers that utilize positron emission tomography (PET) and PET and computed tomography (PET/CT) imaging equipment. PET is an advanced medical diagnostic imaging procedure used by physicians in the detection of certain cancers, coronary disease and neurological disorders including Alzheimer's disease.

Forward-Looking Statement

Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve known and unknown risks and uncertainties. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition to the factors set forth above, other important factors that could cause actual results in future periods to differ materially from those results projected in such forward looking statements include, but are not limited to, risks associated with new technology development, government regulations and access to required financing and working capital. Those and other risks that could cause actual results in future periods to differ materially from those results forecasted in the forward-looking statements are more fully described in the Company's SEC filings. Copies of these filings may be obtained by contacting the Company or the U.S. Securities & Exchange Commission via its web site at www.sec.gov. The Company undertakes no obligation to update any of the forward-looking statements contained in its press releases.

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