Camelot Distribution Group Sales Continue to Grow
Los Angeles – (November 23, 2010) Camelot Entertainment Group, Inc. (OTCBB: CMGR) (”Camelot” or the “Company””) announced today that its quarterly revenue increased 130% from the last quarter, totaling $53,712 as compared to $23,338 during the second quarter of 2010, with an additional $266,975 in collected revenue booked as deferred revenue under motion picture accounting rules. During the first nine months of 2010, the Company has already exceeded its revenue from prior years and has seen its total assets increase 2,120% from $147,015 at December 31, 2009 to $3,264,196 at September 30, 2010. The Company also began collecting accounts receivable from its first content library acquisition, collecting approximately $85,000 during the second quarter and $34,000 during the third quarter of 2010, respectively.
Camelot sales and revenues from distribution activities within its Camelot Distribution Group subsidiary continue to grow, with total gross sales for the nine month period ended September 30, 2010 approximately $1,300,000 (“Gross Sales” represent signed sales contracts), of which Camelot was able to recognize $111,130 during this period under accounting rules for motion picture revenue recognition, with the balance of approximately $1,188,870 to be recognized during future quarters.
During the three month period ending September 30, 2010, Camelot had Gross Sales of approximately $471,000, of which it recognized $53,712 during this period under accounting rules for motion picture revenue recognition, with the balance of approximately $417,288 to be recognized during future quarters. Camelot’s recorded quarterly revenue represents monies collected from Gross Sales once complete delivery of film elements have been made and film license term has begun.
A complete breakdown of Camelot’s third quarter results is available on the Company’s web site at www.camelotent.com or through the Company’s quarterly report filing with the Securities and Exchange Commission at www.sec.gov.