Camelot Planning Aggressive Production Schedule
08 Janvier 2009 - 8:00PM
PR Newswire (US)
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.
(OTC:CMLT) (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
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. DATASOURCE: Camelot Entertainment
Group, Inc. CONTACT: Investor Relations for Camelot Entertainment
Group, Inc., +1-949-334-2950, Web Site:
http://www.camelotfilms.com/
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