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Camelot Expects Increased Revenues in 20112010 Sales and Revenues Are Best Ever as Company Readies to File Annual Report (November 03, 2011)
UNIVERSAL CITY, CA -- (Marketwire) -- 11/03/11 -- Camelot Entertainment Group, Inc. (OTCBB: CMGR) ("Camelot") announced today that its 2010 Annual Report on Form 10-K is nearing completion and its annual sales and gross revenue for fiscal year 2010 were the best ever for the production, distribution and digital media company. As Camelot kicks off its winter sales season at the American Film Market in Santa Monica, California this week, the sales and revenue numbers for fiscal year 2011 are expected to be an improvement over 2010.
"2010 was a benchmark year for us with total sales exceeding $1,200,000 and gross revenues surpassing $650,000," stated Camelot Distribution Group Co-President Jessica Kelly. "For 2011, we are expecting sales above $1,500,000 with gross revenues exceeding $1,000,000. Fiscal year 2010 was the first time we surpassed the $1,000,000 sales level and the first time we posted more than $500,000 in gross revenues."
The total sales number represents the amount of actual sales contracts entered into by Camelot during the fiscal year. Gross revenues represent the actual gross revenue collected from sales for films and other programming for titles released during the fiscal year in accordance with current accounting standards.
"We have a great team in place," added Kelly. "We have been working very hard on establishing ourselves in a very competitive marketplace. It has taken some time, but we are beginning to see solid results from our efforts."
Camelot is working toward completing the filing of its annual report on Form 10-K and the subsequent quarterly reports on Form 10-Q. Camelot was delayed in filing these reports due to a number of unforeseen factors that impacted its ability to collect the required information and audit confirmations from third parties, delays connected with the acquisition and maintenance of the Liberation Film Library and the availability of certain professionals crucial to the timely completion of the annual and quarterly filings. During this time, Camelot has provided updated share information at www.otcmarkets.com. The Company expects to be current with its filings soon now that many of the issues causing the delays have been resolved.
ABOUT CAMELOT ENTERTAINMENT
Camelot Entertainment Group, Inc. (www.camelotent.com) is a US publicly traded company (OTCBB: CMGR) with four divisions: Camelot Film Group, Camelot Distribution and DarKnight Pictures, 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).
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.
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