MIAMI LAKES, Fla., Oct. 8, 2012 /PRNewswire/ -- Fuego
Enterprises, Inc. (PINKSHEETS: FUGI), a media and entertainment
company, today announces that it has successfully completed the
acquisition of Cuba Business Development Group, Inc. (CBDG)
www.cbdg.co. As a result, Cuba Business Development Group is now a
wholly-owned subsidiary of Fuego. The acquisition will strengthen
and complement Fuego's overall business, which will enhance Fuego's
platform and boost expansion into other markets and sectors with
immense growth potential.
Fuego has a total of 606,438 shares issued and outstanding and
CBDG has a total of 16,334,000 issued and outstanding. As part of
the acquisition, all shareholders of record of CBDG will receive
Rule 144 restricted stock of Fuego at a one to one share exchange
rate. All of the large shareholders in CBDG have agreed and
voluntarily signed a one year lock up agreement in addition to the
6 months restriction.
Hugo Cancio CEO and Chairman of Fuego Enterprises said: "This
acquisition fully fits with our strategy to drive growth in key
areas and markets where we are able to fully leverage our unique
expertise, capitalize on years of experience and solid
relationships, and deliver shareholder value with stronger and more
stable growth.
Ariel Machado, Vice President of
CBDG said: "We are very excited. For the past few years we have
been building and developing a solid infrastructure to do business
in Cuba. I strongly believe that
we will be able to take this business to the next level. Our
attention is now fully focused on incredible business opportunities
emerging in the country of Cuba,
in specific in those areas to where we are currently authorized to
conduct business and operate such as the media and entertainment,
telecommunications, and cargo.
About Fuego Enterprises, Inc.
Fuego Enterprises, Inc. is a diversified holdings company with
operations in media and entertainment. Fuego specializes in the
production, promotion and distribution of Cuban media entertainment
services with cultural relevance within the United States and the world.
About Cuba Business Development Group Inc.
Cuba Business Development Group Inc. offers complete strategic and
business solutions for opportunities in Cuba and the Caribbean Basin markets. CBDG currently owns
and/or manages a number of separate business segments with direct
relationships into Cuba and offers
strategic consulting services to outside businesses with an
interest in the Cuban market. These services include research
reports (drafting with analysis), turnaround management, and
special project development. Core business segments include
telecommunications, packaging and cargo of gift parcels to
Cuba, and a media group committed
to support all group-related products and services.
This press release contains statements, which may constitute
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, as amended by the
Private Securities Litigation Reform Act of 1995. Those statements
include statements regarding the intent, belief or current
expectations of Fuego Enterprises, Inc., members of their
management, and assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking
statements.
For additional information
Contact: Ariel Machado
Arielmachado@cbdg.co
(702) 738-0451
SOURCE Fuego Enterprises, Inc.