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
SOURCE Camelot Entertainment Group, Inc.