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CAMELOT SELLS REAL ESTATE DIVISION

 DALLAS, Sept. 10 /PRNewswire/ -- Camelot Corporation, (NASDAQ: CAML), announces that it has entered into an agreement to sell its real estate division.
 Camelot previously announced that it would spinoff to its stockholders its shareholding in Forme Capital, Inc. (NASDAQ: FRMC) ("Forme"), a public company on the OTC Bulletin Board with a trading symbol FRMC which owns residential investment properties, and which has a negative net worth. Camelot directors have now determined not to proceed with the spinoff due to its cost and complexity. Instead, the family interests of Danny Wettreich, chairman and chief executive officer of Camelot have purchased Camelot's restricted common shares of Forme for 50 percent of the bid price of the shares. This will remove approximately $640,000 of debt and approximately $75,000 of annual losses from Camelot's financial statement. In addition, Camelot has sold to Forme a vacant office property located at 17738 Preston Road, Dallas, Texas and an office property occupied by Camelot located at 17770 Preston Road, Dallas, Texas. The consideration will be Camelot's book value of $466,571, payable by the issuance by Forme of 466,571 10 percent Preferred Shares Series C. Camelot has leased 17770 Preston Road at below market rates and as part of the lease transaction granted to Forme an option to buy 2,000,000 restricted common shares. Further, if 17738 Preston Road is sold within one year at a price in excess of the price Forme paid Camelot, then such excess profit will be paid to Camelot as additional consideration. The agreements are subject to the approval of shareholders of both companies.
 "This transaction is a strategic decision to take Camelot out of the real estate business and eliminate indebtedness from our balance sheet," said Wettreich.
 Camelot is a holding company with operating subsidiaries in video marketing and distribution, financial services and energy.
 -0- 9/10/93
 /CONTACT: Danny Wettreich, chairman and chief executive officer, Camelot Corporation, 214-733-3005/
 (CAML FRMC)


CO: Camelot Corporation; Forme Capital, Inc. ST: Texas IN: SU: RLE

LD -- NY066 -- 0905 09/10/93 17:00 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
Words:344
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