UNIVERSAL CITY, Calif., Nov. 27, 2012 /PRNewswire/ -- Camelot Entertainment Group's (OTC Pinksheets: CMGR) Chairman and CEO Robert Atwell issued the following statement on the future growth prospects in the entertainment and media industry and how it pertains to Camelot's future:
"With astonishing speed, entertainment and media have evolved into a highly dynamic industry, interconnected by the global digital platform in a manner that few people could even have ever conceived 20 years ago. Today, digital media of all types must be included when considering the scope of the entertainment and media industry. Broadband Internet connections in U.S. homes and businesses totaled about 88 million as 2012 began, plus an additional 105 million mobile Internet subscribers. This means there is a true mass market for online entertainment and media for Camelot to provide content to and realize revenue from in addition to the normal revenue streams currently being generated. Most recently, the "Third Screen" (cell phone-based content including video and music) is becoming a major factor in entertainment and media. As 2012 began, there were about 323 million wireless subscriptions (for cell phones, tablets and other devices) in the U.S. and nearly 6 billion worldwide. Camelot is well positioned to take advantage of these market opportunities due in part to our ability to be flexible and to be able to react efficiently and quickly to this rapidly changing environment."
"During the last couple of years, Camelot has worked through several financial, legal and regulatory compliance obstacles. While working through and overcoming those roadblocks, our Camelot Distribution Group subsidiary remained focused on building our core distribution business. Our success from these efforts is reflected in the significant improvement in our 2011 and 2010 financial results. During fiscal year 2011, sales increased 41% and revenues increased 67% in comparison to 2010. During fiscal year 2010, sales increased 80% and revenues increased 100% in comparison to 2009."