Camelot Wrapping Up Quarterly Filing

Camelot Wrapping Up Quarterly Filing

Independent Valuation Now Complete; Filing Imminent

ALISO VIEJO, Calif., Dec. 5 /PRNewswire-FirstCall/ -- Camelot Entertainment Group, Inc. (BULLETIN BOARD: CMLTE) ("Camelot") announced today that it has made significant progress toward completing its third quarter filing and now expects to file the quarterly report at the beginning of next week. The company had originally expected to have it filed either before or immediately after Thanksgiving. There was an unexpected delay in the auditors receiving the third party independent valuation of the notes, stock and other related items required to complete the review. With the independent valuation now complete, the auditors review can be finalized and the company will be able to file its quarterly report. Once the company files this quarterly report, it expects that the Over-the-Counter Bulletin Board will remove the "E" at the end of its symbol.

The company has never been late in its filings until this quarter, when circumstances beyond its control delayed the filing. The company did file its NT10Q notice on November 14, 2008.

About Camelot Entertainment Group, Inc.: Camelot Entertainment Group, Inc. is a US publicly traded company (symbol "CMLTE" (until its delayed quarterly report is filed, which is expected soon)) 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. 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. For general information about Camelot Entertainment Group, Inc., please visit the Company's web site at http://www.camelotfilms.com/.

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. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.

Source: Camelot Entertainment Group, Inc.

CONTACT: Camelot Entertainment Group Investor Relations,
+1-949-334-2950, Investors@camelotfilms.com

Web site: http://www.camelotfilms.com/

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