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Camelot, Incentive Capital Reach Settlement Agreement on Liberation Film LibraryCamelot Distribution Group Continues as a Distributor of the Library; Ownership Transferred to Incentive Capital LLC (November 04, 2011)
UNIVERSAL CITY, CA -- (Marketwire) -- 11/04/11 -- Camelot Entertainment Group, Inc. (PINKSHEETS: CMGR) ("Camelot") and Incentive Capital LLC ("Incentive") announced today that they have reached a settlement agreement resulting in the dismissal of all legal action between the two companies and several individuals stemming from the acquisition of the Liberation Film Library ("Library") by Camelot in April 2010.
In accordance with the terms and conditions of the settlement agreement, Incentive will assume complete and immediate ownership of the Library. Camelot Distribution Group will continue as a distributor of the Library through May 31, 2012.
"We are glad that we have reached an agreement with Incentive that will be of great benefit to both companies," stated Camelot Distribution Group President Jessica Kelly. "This agreement puts an end to the litigation and the distractions the litigation has caused us over the past year. We can now move forward and work with Incentive to market and sell the Library worldwide while we continue to focus on building our business."
"We are very pleased that we have been able to reach an agreement with Camelot that results in our ownership of the Library, which we believe has significant value," commented Incentive's Joseph Pia. "The Library will complement our growing resources in the film and television industry. We are looking forward to working with Camelot as they assist us in the marketing and distribution of the Library."
ABOUT CAMELOT ENTERTAINMENT
Camelot Entertainment Group, Inc. (www.camelotent.com) is a US publicly traded company (PINKSHEETS: 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).
ABOUT INCENTIVE CAPITAL LLC
Incentive Capital, LLC is a media fund that provides financing in film, television, and music, primarily in collateralized transactions involving production tax incentives, distribution advances, presales, mezzanine, and gap finance. With the acquisition of the film library and other media assets, Incentive is expanding its media holdings and presence in finance, distribution, and production.
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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