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
SOURCE Fuego Enterprises, Inc.