SAGEMARK TO OPEN ITS SIXTH PET IMAGING CENTER

SAGEMARK TO OPEN ITS SIXTH PET IMAGING CENTER

New York, NY – October 3, 2005 – The Sagemark Companies Ltd. (OTCBB:SKCO), a national owner and operator of positron emission tomography (PET) medical diagnostic imaging centers, today announced that its wholly owned subsidiary, Premier P.E.T. Imaging International, Inc., consummated an agreement relating to the establishment of an out-patient PET/CT medical diagnostic imaging center in East Setauket, New York.

Advanced PET Imaging will be the sixth PET imaging center in the Company’s growing portfolio of medical diagnostic imaging facilities and will house a state-of-the-art General Electric 16 slice Discovery PET/CT imaging scanner, a remarkable imaging system completely optimized for cancer care.

"The addition of Advanced PET Imaging, our third PET imaging center in New York, will strengthen the Company’s presence and complement our imaging centers in Forest Hills and Rockville Centre, conveniently providing the highest quality PET imaging services in Queens, Nassau and Suffolk counties," stated Ted Shapiro, President and Chief Executive Officer of The Sagemark Companies Ltd.


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) scanning 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 Statements

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.


Contacts:

McCloud Communications
Marty Tullio or Mark Tullio 949.553.9748 marty@mccloudcommunications.com
mark@mccloudcommunications.com

The Sagemark Companies Ltd.
Ted Shapiro, President and CEO
212.554.4219
TedShapiro@aol.com


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