UNIVERSAL CITY, Calif.,
Nov. 27, 2012 /PRNewswire/ -- Camelot
Entertainment Group's (OTC Pinksheets: CMGR) Chairman and CEO
Robert Atwell issued the following
statement on the future growth prospects in the entertainment and
media industry and how it pertains to Camelot's future:
"With astonishing speed, entertainment and media have evolved
into a highly dynamic industry, interconnected by the global
digital platform in a manner that few people could even have ever
conceived 20 years ago. Today, digital media of all types must be
included when considering the scope of the entertainment and media
industry. Broadband Internet connections in U.S. homes and
businesses totaled about 88 million as 2012 began, plus an
additional 105 million mobile Internet subscribers. This
means there is a true mass market for online entertainment and
media for Camelot to provide content to and realize revenue from in
addition to the normal revenue streams currently being generated.
Most recently, the "Third Screen" (cell phone-based content
including video and music) is becoming a major factor in
entertainment and media. As 2012 began, there were about 323
million wireless subscriptions (for cell phones, tablets and other
devices) in the U.S. and nearly 6 billion worldwide. Camelot is
well positioned to take advantage of these market opportunities due
in part to our ability to be flexible and to be able to react
efficiently and quickly to this rapidly changing environment."
"During the last couple of years, Camelot has worked through
several financial, legal and regulatory compliance obstacles. While
working through and overcoming those roadblocks, our Camelot
Distribution Group subsidiary remained focused on building our core
distribution business. Our success from these efforts is reflected
in the significant improvement in our 2011 and 2010 financial
results. During fiscal year 2011, sales increased 41% and
revenues increased 67% in comparison to 2010. During fiscal year
2010, sales increased 80% and revenues increased 100% in comparison
to 2009."
"As there was a delay in our reporting due to business changes
and other issues, which have now been resolved, our company
auditors have been designated to bring our reporting obligations
current over the next 6 months in order to prepare for the upcoming
opportunities and growth. We expect to file our 2010 reports during
the 4th quarter, followed shortly thereafter by our 2011
and 2012 reports."
"Once our audit is up-to-date, we expect to fund and begin
production on our first slate of films to be produced under the
Camelot Films Production Model. We are also continuing our efforts
to build new studios in Las Vegas
and New Orleans. Furthermore, we continue to explore the
acquisition of feature film libraries and production/distribution
companies that will complement our business model in order to
secure the intellectual properties that comprise the foundation of
our business."
"As we near the end of 2012, we have announced that Camelot
Distribution Group will be selling our largest film to date; the
$20 Million budgeted movie titled
"The 34th Battalion" and will be stepping up our planned
acquisitions of several more new titles with a goal of fifteen new
acquisitions in 2013, with projected gross sales potentially
surpassing $5,000,000 for the first
time as we continue to efficiently expand our business model both
domestically and internationally."
"Our management team has performed superbly, demonstrating the
focus and ingenuity that define our company. In order to meet the
demands of this emerging digital marketplace, our team has worked
extremely hard under difficult circumstances to solidify Camelot's
position in what is a very competitive environment."
"I sincerely would like to thank you for your support of Camelot
and I am extremely optimistic about our future in the motion
picture industry."
FOR MORE UPDATED INFORMATION USE THE FOLLOWING LINK:
www.camelotent.com
About Camelot Entertainment Group:
Camelot Entertainment Group (OTC Pinksheets: CMGR), is a
publicly traded company with four major subsidiaries: Camelot Film
Group, Camelot Distribution 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 in the
motion picture industry. By creating a world where filmmaking
dreams come true, Camelot integrates early studio models,
education, new technologies and fiscal responsibility to acquire,
develop, finance, produce, market and distribute high quality
commercial motion pictures, television and digital media.
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, which are in the process of being updated.
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.
Contact: Jonathan Russo
772-919-8747
Email: stockholders@camelotfilms.com
SOURCE Camelot Entertainment Group, Inc.