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Camelot Bullish on 2009

Acquisition, Production, Studio Development and Financing Activity All Expected to Increase in Upcoming Year

ALISO VIEJO, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Camelot Entertainment Group, Inc. (OTC:CMLT) (BULLETIN BOARD: CMLT) announced today that it expects acquisition, production, studio development and financing activity to increase in 2009 after a tough and turbulent 2008. The company has continued to make progress on a number of projects across all three of its divisions, Camelot Film Group, Camelot Studio Group and Camelot Production Services Group, as it adapted its business plan to evolve in a rapidly changing worldwide economy.

Despite being slowed by new fiscal realities, the company continued negotiations on two key distribution and production acquisitions it had hoped would be in the final stages by now. Camelot now expects wrapping up letters of intent during the first quarter of 2009 as long as the current domestic and international economic climate doesn't continue to deteriorate. The company wants to make sure that the funding to complete the acquisitions will be available once the transactional documents are finalized.

Camelot Film Group has accelerated its acquisition and development of several film projects through Camelot Features, with upcoming productions scheduled to be announced right after the first of the year. The company had expected to be further along on some of the projects, but efforts had been slowed by the uncertain short-term future of the economy.

Camelot Studio Group is actively pursuing opportunities in California and Louisiana for physical studio developments and expects to announce a new management team in early 2009, including the addition of a new development partner.

After a slow start, the late-stage bridge financing program in the company's production services group division is expected to gain momentum in 2009 with the planned addition of a key executive to specifically oversee this important program. The company has also moved forward with its plans to provide consulting services to other producers, production companies and distributors.

Overall, the company expects to overcome the financial obstacles it faced in 2008 in part by further streamlining in-house operations in 2009 while relying more on outside resources as it continues to implement its business plan and focus on shorter term revenue generating activities. In addition, the company has begun a complete overhaul of its web site. When completed, the new site should greatly enhance communications between the company and its stockholders, clients and the public. The company also plans to move forward with its major financing package that had been delayed in 2008.

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 .

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, Camelot Entertainment Group, Inc.,

+1-949-334-2950


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