Stephen Carlis - CameraPlanet's Chief Operating Officer has been terminated from his employment with the company.

CameraPlanet CEO and Founder Steven Rosenbaum said that Mr. Carlis had been terminated for cause. "The company is evaluating appropriate legal action against Mr. Carlis and third parties, including as warranted to protect the company's intellectual property, based on thousands of pages of document the company discovered after Mr. Carlis's dismissal."

The dismissal comes after an investigation into business activities that have severely impacted the companies business activities.

Said Rosenbaum "We are facing a series of events that have destabilized the company, and forced us to return to our core mission of significant storytelling. In the past two years we've found ourselves with our toe in a number of ponds, including international sales, dramatic and narrative indie film development, star driven celebrity directors, theatrical film distribution, and so-called 'reality films'. These diversions - along with other specific acts that we can't yet talk about publicly - proved to be costly and ill conceived."

"In the face of these revelations - we have scaled back operations, re-focused our mission, and begun to rebuild the company around the core values that have served us well for more than 20 years" said Rosenbaum.

CameraPlanet operates a physical production plant with 6 edit rooms, digital tape facilities, duplication, post-production, and editorial space for 5 concurrent television series productions. As part of the re-organization, those facilities will be scaled back significantly.

CameraPlanet will continue to create, produce, and distribute films and television -and will move forward with focus and drive in our new Anchor Bay DVD division.