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CAMELOT TERMINATES ITS AUDITORS

 DALLAS, Aug. 19 /PRNewswire/ -- Camelot Corporation (NASDAQ: CAML), announces that it requested its auditors, Hein and Associates to attend a Camelot Board of Directors meeting on Thursday, Aug. 19, 1993 to explain to the directors why Hein and Associates have not completed their 1993 audit within the statutory time limit. Hein and Associates failed to send a representative to the Board meeting, and accordingly the directors have terminated their services as auditors for the company. Camelot will engage another firm of auditors to perform another audit for the financial year ended April 30, 1993, and will file an amended Annual Report on Form 10-K including audited financials as soon as possible. The directors of Camelot have instructed their attorneys to file a lawsuit against Hein and Associates seeking compensation for damages caused by their failure to complete their audit.
 The directors of Camelot further announce that Camelot will not now be proceeding with a proxy solicitation to replace the directors of Tyrex Oil Company in which Camelot owns 5 percent of the issued share capital.
 Camelot is a holding company with a continuing policy of growth by acquisition, and has operating subsidiaries in video marketing and distribution, financial services and energy.
 -0- 8/19/93
 /CONTACT: Danny Wettreich, chairman and chief executive officer of Camelot, 214-733-3005/
 (CAML)


CO: Camelot Corporation ST: Texas IN: SU:

LG -- NY050 -- 4348 08/19/93 13:12 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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