OptiCare Health Systems, Inc. Announcement Regarding American Stock Exchange Trading

Apr 23, 2001, 01:00 ET from OptiCare Health Systems, Inc.

    WATERBURY, Conn., April 23 /PRNewswire Interactive News Release/ --
 OptiCare Health Systems, Inc. (Amex:   OPT) today announced that the American
 Stock Exchange has halted trading on its stock pending the filing of the
 Company's Form 10K for year ended December 31, 2000.  This filing delay
 relates to the additional time required to properly account for the
 discontinued operations treatment of the previously announced pending sale of
 its Connecticut Operations.  The Company's Form 10-K will be filed as soon as
 reasonably practicable.
     OptiCare Health Systems, Inc. is an integrated eye care services company
 focused on managed care and professional eye care services.  It provides
 systems, including Internet-based software solutions to eye care
 professionals.
 
     Forward-looking statements (statements which are not historical facts) in
 this release are made pursuant to the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995.  OptiCare Health Systems' actual
 results could differ materially from those expressed or indicated by
 forward-looking statements.  Factors that could cause or contribute to such
 differences include but are not limited to, the impact of current and future
 governmental regulations, risks related to the eye care industry, the
 Company's ability to successfully and profitably operate its operations,
 failure to close the transactions contemplated by the asset purchase agreement
 in support of the Connecticut Operations, which could result in a material
 default under the Company's bank facility and a material adverse effect on the
 Company, the risks related to managed care contracting, the ability of the
 Company to successfully raise capital on commercially reasonable terms and
 other factors.  Investors are cautioned that all forward-looking statements
 involve risks and uncertainties, including those risks and uncertainties
 detailed in the Company's filings with the Securities and Exchange Commission.
 
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SOURCE OptiCare Health Systems, Inc.
    WATERBURY, Conn., April 23 /PRNewswire Interactive News Release/ --
 OptiCare Health Systems, Inc. (Amex:   OPT) today announced that the American
 Stock Exchange has halted trading on its stock pending the filing of the
 Company's Form 10K for year ended December 31, 2000.  This filing delay
 relates to the additional time required to properly account for the
 discontinued operations treatment of the previously announced pending sale of
 its Connecticut Operations.  The Company's Form 10-K will be filed as soon as
 reasonably practicable.
     OptiCare Health Systems, Inc. is an integrated eye care services company
 focused on managed care and professional eye care services.  It provides
 systems, including Internet-based software solutions to eye care
 professionals.
 
     Forward-looking statements (statements which are not historical facts) in
 this release are made pursuant to the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995.  OptiCare Health Systems' actual
 results could differ materially from those expressed or indicated by
 forward-looking statements.  Factors that could cause or contribute to such
 differences include but are not limited to, the impact of current and future
 governmental regulations, risks related to the eye care industry, the
 Company's ability to successfully and profitably operate its operations,
 failure to close the transactions contemplated by the asset purchase agreement
 in support of the Connecticut Operations, which could result in a material
 default under the Company's bank facility and a material adverse effect on the
 Company, the risks related to managed care contracting, the ability of the
 Company to successfully raise capital on commercially reasonable terms and
 other factors.  Investors are cautioned that all forward-looking statements
 involve risks and uncertainties, including those risks and uncertainties
 detailed in the Company's filings with the Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97462201
 
 SOURCE  OptiCare Health Systems, Inc.