SOURCE: Camelot Entertainment Group, Inc.

August 13, 2009 10:00 ET

Camelot Closing in on Potential Acquisitions

Negotiations Entering Final Stages for Three Corporate Acquisitions

IRVINE, CA--(Marketwire - August 13, 2009) - Camelot Entertainment Group, Inc. (OTCBB: CMGR) ("Camelot") announced today that negotiations on three potential acquisitions have entered the final stages following months of discussions between the various parties. Letters of Intent have gone out incorporating terms and conditions the Company believes will be acceptable. Once the transactional terms are agreed to, Camelot anticipates closing the acquisitions during the fourth quarter.

Each of the potential acquisitions has a long operating history and all three have positive retained earnings. Two of the acquisitions would be acquired through Camelot Distribution Group and one of the acquisitions would be acquired through the Company's Camelot Production Services Group division.

Further details will be released once the Letters Of Intent have been accepted.

About Camelot Entertainment Group, Inc.: Camelot Entertainment Group, Inc. is a US publicly traded company (symbol "CMGR") with three major divisions: Camelot Film Group, Camelot Studio Group and Camelot Production Services Group. Camelot is building a different kind of motion picture studio infrastructure by redefining the development, financing, production, and distribution process. For information about Camelot Entertainment Group, Inc., please visit the Company's web site at www.camelotfilms.com.

NOTES ABOUT FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission Reports and Filings.

Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.

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