Oct. 15, 2009
Fuego Enterprises Does Spin Off of Cuba
Business Development Group
MIAMI, Oct. 15, 2009 (GLOBE NEWSWIRE) -- Fuego Enterprises, Inc. (PinkSheets:FUGI)
spun off on October 12, 2009 a newly incorporated shell company to
shareholders of record as of September 12, 2009. Shareholders of record
are to ultimately receive 1 share of the new company, Cuba Business
Development Group, Inc. ("CBDG"), for every two shares held in Fuego
Enterprises, Inc. Fractional shares will not be issued.
"Cuba Business Development Group Inc. was formed to take advantage of
opportunities we expect in the very near future as the U.S and Cuba
inevitably establish more normal relations and businesses in both
countries need our expertise and resources to fully exploit new markets
and assist in commercial and new market strategies for companies ranging
from telecommunications providers to agricultural producers," stated Hugo
Cancio President & CEO of Fuego and Chairman of CBDG. "We feel Fuego
shareholders will benefit from this distribution by having a direct
ownership in a company whose charter and focus is so directly centered on
assisting US companies to profit from relationships we will assist them to
develop with Cuban enterprises and to help navigate the legal and
regulatory requirements in both countries," continued Cancio.
"The management of Cuba Business Development Group has lived in Cuba
with family for many years and therefore has current knowledge and
contacts which will be invaluable to our clients in their business
activities. Once the US Embargo is lifted, travel resumes, and goods and
services can be bought and sold, our clients should be well prepared for
these exciting new markets," said Ariel Machado,VP Business Development.
CBDG plans to file a registration statement with the Securities and
Exchange Commission after it completes its business plan and audit for the
year ended October 31, 2009. The spin-off is considered tax free to the
shareholders of Fuego Enterprises, Inc. and such shareholders do not have
to exchange any of their presently held shares to effect the receipt of
CBDG shares. Until such time as CBDG determines which newly issued shares
in the spin off are to become free trading and included in the
registration statement, no shares of CBDG will be issued to Fuego
Enterprises, Inc. shareholders of record.
CBDG's officers include Hugo Cancio as its president/CEO, Ariel Machado
as vice president of business development, and Braverman International,
P.C. as its consulting CFO.
About Fuego Enterprises, Inc.:
Fuego Enterprises, Inc. is a diversified holdings company with
operations in media and entertainment, telecommunications, and other
industries currently under development. Fuego Entertainment is based in
the U.S. with a focus on Latin markets. For more information, please visit
Fuego Enterprises at
www.fuegoentertainment.net
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.
