July 18, 2006
Fuego Entertainment Licenses the Music Library Catalogue of Ciocan
Entertainment and Music Group, Inc. and Creates its own Music Division
called Fuego Entertainment Music International (FEMI)
MIAMI, July 18, 2006 -- Fuego Entertainment, Inc. (OTC Bulletin Board:
FUGO) today announced an exclusive licensing agreement with the music
library catalogue of Ciocan Entertainment and Music Group, Inc. and the
start of Fuego Entertainment Music International (FEMI), Fuego’s new
music division.
Ciocan Entertainment and Music Group, Inc. is a company owned and
managed by Hugo Cancio, our CEO, and the terms of the licensing
agreement are for five years (with a five year option) and a 10% royalty
to Ciocan based on net sales. This agreement licenses 15 finished albums
and two different artists who are exclusively recording with Ciocan for
the release of other future projects. FEMI will target the non-Hispanic
markets with this content and develop the past marketing efforts of
Ciocan to the Latin customer base.
“We intend to market this library’s popular titles within the Latin and
US markets by working with various music companies to establish an
international distribution network. We now have the foundation to
develop the music division within Fuego and increase the size of the
catalogue by producing more albums and developing new and existing
talent,” said Hugo Cancio, CEO.
FEMI will also develop live productions for its artists while marketing
and promoting the recordings. Tour productions will be national and
international, depending on the artist. FEMI also plans to license some
individual tracks to and from other music producers.
Fuego Entertainment is primarily engaged in directing, producing,
marketing, and distributing entertainment products, including feature
and short films, documentaries, television shows, music, and tour
productions.
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
Entertainment, 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.
CONTACT: Fuego Entertainment, Inc., Dan York, Investor Relations, 214
675-2531, ir@fuegoentertainment.net
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