Camelot Planning Aggressive Production Schedule

Camelot Planning Aggressive Production Schedule

New Head of Production Expected to be Named as New Tax Incentives Create Unique Opportunity

ALISO VIEJO, Calif., Jan. 8 /PRNewswire-FirstCall/ -- Camelot Entertainment Group, Inc. (BULLETIN BOARD: CMLT) ("Camelot") announced today that it is planning to launch an aggressive production schedule under its Camelot Films banner to take advantage of several new federal and state tax incentive programs. Camelot expects to name its new head of production this month as the company continues to focus on its acquisition, development, production and distribution activities within Camelot Film Group, one of the company's three divisions.

The decision to step up production came as several states announced new production incentive programs, including Michigan, which is offering a new 40% cash rebate of motion picture production. In addition, federal tax programs have been extended through 2009, including the American Jobs Creation Act (Section 181 of the Internal Revenue Code of 1986) which when combined with state initiatives create a unique opportunity for the company to ramp up production at a time when the industry, including Camelot, has been beleaguered by the current economic crisis.

The company plans on opening a new production office in Los Angeles in addition to moving its corporate headquarters back to Irvine as part of its ongoing streamlining of operations.

About Camelot Entertainment Group, Inc.: Camelot Entertainment Group, Inc. is a US publicly traded company (symbol "CMLT") 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 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: Investor Relations for Camelot Entertainment Group, Inc.,
+1-949-334-2950, Investors@camelotfilms.com

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

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