Fuego Enterprises, Inc. (PinkSheets:FUGI - News) 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.
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.
Fuego Enterprises, Inc.
Note: The Herzfeld Caribbean Basin Fund is an investor in Fuego Entertainment.