SOURCE: Camelot Entertainment Group, Inc.

December 30, 2009 09:15 ET

Camelot Planned Acquisitions Moving Forward

Company Looking to Maintain Momentum in 2010 as It Continues Expansion in Distribution and Production

UNIVERSAL CITY, CA--(Marketwire - December 30, 2009) - Camelot Entertainment Group, Inc. (OTCBB: CMGR) ("Camelot") announced today that definitive agreement negotiations are continuing on three corporate acquisitions previously disclosed as Camelot wraps up a busy 2009. Once the definitive agreements are finalized, subject to successful completion of the necessary financing, Camelot hopes to close the transactions during the first quarter of 2010. The financing structures of the planned acquisitions, in areas considered core to its strategic focus on content and production, are being guided by the company's investment banking advisors Somerset Capital and Holmes, Hollister & Co. In addition, Camelot expects to continue expanding its domestic and international distribution activities in 2010 while ramping up its production schedule.

Camelot made significant progress in 2009, expanding its distribution operation with the addition of Jamie Thompson as President of Camelot Distribution Group ("CDG") and Jessica Kelly as Director of Marketing for CDG. Camelot unveiled its genre division DarKnight Pictures ("DKP"). Camelot established its initial library in 2009 with CDG and DKP acquiring the worldwide distribution rights to several films with plans to acquire five to seven films prior to each major film market in 2010. Camelot secured $3 million in additional funding scheduled to come in over a twenty-four month period, and opened distribution offices in Universal City, California and a distribution and production drop in office in London, England, while re-establishing Camelot Films U.K. Ltd.

Camelot launched its new web site,, while Camelot Studio Group initiated discussions for potential studio sites in Las Vegas, New Orleans, and Miami, while continuing to pursue opportunities in Orange County, CA.

About Camelot Entertainment Group, Inc.:

Camelot Entertainment Group, Inc. is a US publicly traded company (OTCBB: 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. Camelot is a member of the Independent Film & Television Alliance (IFTA). For information about Camelot Entertainment Group, Inc., please visit the Company's web site at


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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