OptiCare Health Systems, Inc. Announcement Regarding Filing Year 2000 10-K

Apr 20, 2001, 01:00 ET from OptiCare Health Systems, Inc.

    WATERBURY, Conn., April 20 /PRNewswire/ -- OptiCare Health Systems, Inc.
 (Amex:   OPT) today announced that the filing of its Form 10-K for the year
 ended December 31, 2000 would be delayed. This 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 believes that its accounting treatment is appropriate and consistent
 with generally accepted accounting principles and its Form 10-K will be filed
 as soon as reasonably practicable.
     In addition the Company announced that Norman Drubner tendered his
 resignation from the Board of Directors effective February 23, 2001.
 Immediately prior to and in connection with Mr. Drubner's resignation, the
 Board of Directors voted to reduce the size of its Board to 3 members from its
 previous level of 5.
     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.
 
 

SOURCE OptiCare Health Systems, Inc.
    WATERBURY, Conn., April 20 /PRNewswire/ -- OptiCare Health Systems, Inc.
 (Amex:   OPT) today announced that the filing of its Form 10-K for the year
 ended December 31, 2000 would be delayed. This 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 believes that its accounting treatment is appropriate and consistent
 with generally accepted accounting principles and its Form 10-K will be filed
 as soon as reasonably practicable.
     In addition the Company announced that Norman Drubner tendered his
 resignation from the Board of Directors effective February 23, 2001.
 Immediately prior to and in connection with Mr. Drubner's resignation, the
 Board of Directors voted to reduce the size of its Board to 3 members from its
 previous level of 5.
     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.
 
 SOURCE  OptiCare Health Systems, Inc.