MIAMI, March 21, 2013 /PRNewswire/ -- Hugo Cancio, President and Chief Executive Officer of Fuego Enterprises, Inc., (OTC Pink: FUGI) announced today that Fuego has completed its acquisition of 51% of The Americas Group Cuba Business Enterprise LLC (TAGCBE) in exchange for shares of Fuego Enterprises, Inc. which are traded over the market under the symbol: FUGI.
TAGCBE is focused on providing strategic advice to individuals and companies interested in doing business with Cuba and/or investing in Cuba as regulations permit. TAGCBE is a division of The Americas Group which has extensive relationships with foreign companies currently doing business in Cuba through its 40 years presence in Latin America.
"We're thrilled to welcome TAGCBE to the Fuego family," said Cancio. "TAGCBE is one of the preeminent business consulting firms in the U.S. focused on Cuba." "We believe that The Americas Group Cuba Business Enterprise's extensive experience and credibility and that of its parent The Americas Group when combined with Fuego Enterprises and its wholly owned subsidiary, Cuba Business Development Group (CBDG); will make us the most formidable "go to" source for anyone wanting to participate in the future opportunities in Cuba."
Howard Glicken, President of TAGCBE and Chairman of The Americas Group said, "CBDG and Fuego will provide an exceptionally well connected presence in Cuba through 20 years of experience in doing business in Cuba." "This will give TAGCBE the in country management experience we have been seeking to execute our goals." "We are very pleased to be working with such a high quality group and look forward to delivering increased value to our clients and stake holders."
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. Fuego, also publishes OnCuba (www.oncubamagazine.com), the first Cuba focused monthly bi-lingual magazine publication with national distribution in the U.S. OnCuba is published in both print and electronic formats and is distributed in over 59 Barnes & Nobel stores throughout the United States. It is also distributed in Cuba and is the official and exclusive "in-flight" magazine for almost all flights from the U.S. to Cuba.
CBDG, www.cbdg.co though it subsidiaries Mobile Activation Services (www.mascell.com) and Universal Network Operations Cargo (UNOcargo) 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.
Safe Harbor Statement
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.
Investor Contact: Fuego Enterprises, Inc. Ariel Machado (305) 823-9193
SOURCE Fuego Enterprises, Inc.