from press release
Fuego Enterprises Inc (trading on the pink sheets as FUGI), a Nevada corporation, today announced shareholder consent of the approval of its reverse merger with Cuba Business Development Group Inc. aka CBDG.
As part of this transaction, the company shall issue shares of common stock to the shareholders of the CBDG, in exchange for the transfer to the corporation of shares of CBDG representing 100% of its outstanding capital stock. As a result of this transaction, CBDG became a wholly-owned subsidiary of Fuego. The management team and board of directors of the combined companies shall remain without any change.
Through its subsidiaries, Mobile Activation Services and Universal Network Operations Cargo, CBDG owns licenses granted by the U.S. Department of Commerce and the Office of Foreign Assets Control (OFAC) to conduct certain international trade, free of certain restrictions under U.S. laws prohibiting financial dealings with Cuba. Consistent with the U.S. guidelines of the Trade Sanctions Reforms and Export Enhancement Act, CBDG intends to operate a number of Cuban business initiatives pursuant to these license agreements. In exchange for consulting fees, CBDG also intends to assist other U.S. businesses export their products and services to Cuba.
“As we continue to achieve various business development milestones throughout our corporate evolution, this is an important milestone event for Cuba Business Development Group Inc.,” said Ariel Machado, vice president of Cuba Business Development Group Inc. “Now that we are consolidated under one company, being a U.S.-listed public company offers a major platform to access U.S. capital markets and make further inroads in Cuba - and the Caribbean Basin - with highly sought after business opportunities.”
Fuego expects to complete the merger on or before July 28, 2012.
About Fuego Enterprises Inc.
Fuego is currently listed on the OTC Markets Pink Sheets and trades under the symbol FUGI.pk. Fuego has approximately 41 million common shares issued and outstanding, on a pre-merger basis. Fuego specializes in the production, promotion and distribution of Cuban entertainment services with cultural relevance within the United States. Previously, Fuego reported a majority ownership interest in Echo-Fuego Music Group LLC. It is expected that the LLC business will be combining its share into the Fuego Media Group.
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.
Fuego Enterprises Inc.
Hugo Cancio, CEO
15476 NW 77th Ct., Suite 105
Miami Lakes, FL