The Sagemark Companies Ltd. (OTCBB:SKCO), a national owner and operator of out-patient positron emission tomography (PET) and PET/CT medical diagnostic imaging centers, announced today that it has named Ron Lipstein as its President and Chief Executive Officer. Additionally, Mr. Lipstein was also appointed to the Company's Board of Directors. Mr. Lipstein succeeds Ted Shapiro who will remain involved in the Company as a Vice President.
Mr. Lipstein brings to the Company extensive management, financial and operational experience together with a proven track record in raising capital in both the private and the public markets. Commenting on his appointment as President and Chief Executive Officer, Mr. Lipstein said ?I am very excited about joining the Sagemark team at this critical juncture and being part of what I believe can be a significant growth opportunity. Having to date established eight advanced outpatient medical diagnostic imaging centers, Sagemark is strategically positioned to participate in the significant growth being experienced by the medical imaging industry. Its existing infrastructure, know-how and team of professionals it has developed is a nucleus from which to pursue a growth oriented strategy comprised of leveraging its past accomplishments in the area of medical diagnostic imaging and establishing state-of-the-art cancer treatment centers featuring advanced and versatile radiation therapy systems for the treatment of a wide variety of cancers. I believe if we are successful in attracting the necessary capital, implementing our growth strategy and other strategic initiatives efficiently and effectively, we can provide significant value to Sagemark and its shareholders.?
Mr. Lipstein, a certified public accountant, comes to Sagemark from Ortec International, a publicly owned life sciences company which he co-founded and was involved with in various capacities for the past seventeen years. Mr. Lipstein was named Chief Executive Officer of Ortec in March 2003 and served in that capacity until June 2007. Prior to that, Mr. Lipstein served as Ortec's Chief Financial Officer from its inception to 2002 and was named its Vice Chairman in 2001. During his tenure at Ortec, Ortec developed Orcel?, a cutting edge tissue engineered cell based therapy product to treat chronic and active wounds and obtained two product approvals from the Food & Drug Administration (FDA). Mr. Lipstein was involved in listing Ortec as a publicly traded company in 1996 on NASDAQ (Small Cap) and was directly responsible for raising and structuring more than $125,000,000 of equity and debt capital.
Mr. Lipstein is joined on the Board of Directors today by Steven Katz, Ph.D., who most recently served as the Chairman of the Board of Ortec International. As part of this transition, Joseph Stevens & Co. was given the right to nominate an additional member to the Company's Board of Directors. The Company's prior Board of Directors, Edward D. Bright, Ted Shapiro, Stephen A. Schulman, M.D. and Robert L. Blessey have resigned.
Additional details on this matter may be found in the Company's Form 8-K to be filed with the U.S. Securities and Exchange Commission (SEC).
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 cancer treatment centers featuring the TomoTherapy® Hi-Art® treatment system developed by TomoTherapy Incorporated (NASDAQ: TTPY) one of the most advanced and versatile radiation therapy systems commercially available for the treatment of a wide variety of cancers.
Forward Looking Statements
This press release contains forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected.
The Sagemark Companies Ltd.
Ron Lipstein, 212-554-4219
President
and Chief Executive Officer