Allen G. Meek, MD, Chairman of the Department of Radiation Oncology at Stony Brook University Medical Center in Stony Brook, New York will serve as the Chief Medical Officer for the new facility, which will be located near the Stony Brook University Medical Center. Featured in each edition of the “Top Doctors: New York Metro Area” in the prestigious Castle Connolly medical guide since its inception ten years ago, Dr. Meek is a leading radiation oncologist in Suffolk County and will be supported in his efforts at the Company’s radiation therapy center by four of his fellow members of the Department of Radiation Oncology at Stony Brook University Medical Center. Tae Park, MD, is one of the radiation oncologists that will be joining Dr. Meek from Stony Brook in his work at this new facility, and is the only radiation oncologist in Suffolk County other than Dr. Meek to be featured in Castle Connolly’s “Top Doctors: New York Metro Area.”

The strategic location of our radiation therapy facility in close proximity to Stony Brook University Medical Center will be convenient for physicians and patients alike stated Ron Lipstein, President and Chief Executive Officer of The Sagemark Companies Ltd., which owns an 85 percent equity interest in Premier Oncology of Suffolk, LLC.

“Bringing Dr. Meek on board as the Chief Medical Officer provides us with the services of a respected and knowledgeable radiation oncologist for the facility and the association with an established first-class health care provider in Stony Brook University Medical Center and elevates the standard of care that will be available at our facility,” stated Mr. Lipstein.

“Stony Brook University Medical Center plays a major role in the diagnosis and treatment of cancer in Long Island and is the regional destination for cancer services in Suffolk County. Working with Premier Oncology of Suffolk will allow us to expand our capabilities and confirms our commitment to providing Suffolk County with the very best treatment technologies available,” stated Dr. Meek.

This project follows two other radiation therapy centers currently under development by Sagemark in the pursuit of its radiation therapy initiative announced in 2007, which include a joint venture with Saint Clare’s Hospital, Inc. for a radiation therapy center on the Hospital’s Dover, New Jersey medical campus as well as its first radiation therapy venture, Premier Oncology Management of Nassau, LLC, which has under construction a 5,000 square foot radiation therapy cancer treatment facility in Great Neck, New York.

“The announcement of our third radiation therapy venture is another significant milestone for Sagemark,” continued Mr. Lipstein. “We look forward to commencing operations of Premier Oncology of Suffolk in the second half of 2008 and to providing the most advanced radiation therapy services available to cancer patients in Suffolk County, New York. We plan to continue to aggressively pursue the further development of our radiation therapy initiative and look forward to consummating additional ventures,” concluded Mr. Lipstein.

About The Sagemark Companies Ltd.

The Sagemark Companies Ltd. (SKCO) has commenced the development of medical centers featuring advanced and versatile radiation therapy systems for the treatment of a wide variety of cancers. Additionally, the Company owns, operates and administers eight 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.

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 medical 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, including, but not limited to, the Company being able to obtain sufficient capital and financing, 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.