MIAMI, May 11, 2016 /PRNewswire/ -- Fuego Enterprises, Inc. (OTCUS: FUGI), a diversified holdings company focused on business opportunities in Cuba and the United States, is pleased to announce significant growth in several business ventures fueled by a rising surge of interest in the Cuban culture and economy.
Highlights of our recent operations include the following:
- The successful launch of our new travel agency, OnCuba Travel, offering guided US-Cuba travel programs that are compliant with both U.S. and Cuban government regulations
- Publication of "OnCuba Real Estate," the first magazine specializing in the island's emerging Real Estate market (http://oncubamagazine.com/real-estate)
- Expansion of our OnCuba media platform, the leading cross-over media solution for both the U.S. and Cuba, to meet the demand of global advertisers interested in positioning their brands, products and services to their markets of interest
- Significant international press and visibility generated by the global reputation of Fuego CEO Mr. Hugo Cancio as a preeminent advisor on U.S.-Cuban political and economic relations
- Enterprise-wide initiative to be more transparent and keep our shareholders more informed about operations
Up-to-date financial reports from Fuego Enterprises (FUGI) are available on http://www.otcmarkets.com. Highlights of financial results for the 9-month period ended February 29, 2016 vs. the same period in 2015 include:
- 1577% increase in revenues
- Net Income positive (first time since 2010)
- Cost of Revenues has remained proportional to revenues
- SG&A Expense Ratio declined from 262% to 34%
- Diversified revenue expansion across both existing and new business lines
- 763% increase in advertising revenues for OnCuba magazine and digital platform
- 1.8 million shares sold to public, with proceeds of $1,083,175, which will help bolster Fuego's further expansion into target areas and markets
"Our solid financial performance completes a great chapter in positioning our company for a higher growth trajectory in the near future, and I'm very excited about the progress in our emerging businesses," states Chief Financial Officer Ed Steinback.
Fuego Enterprises (FUGI) attributes the firm's gains to improved relations between Cuba and the U.S. and the resulting boom in investment opportunities. Cuba has instituted recent economic reforms to stimulate private sector growth, and to provide a secure, transparent legal framework for foreign investors to participate in Cuban entities. Concurrently, relations between Cuba and the United States have been rapidly normalizing with the introduction of new trade and travel regulations and the restoration of diplomatic ties.
"Now that the Cuban economy is opening up to investment from the U.S., we feel the time is right to aggressively move our company forward," states Fuego CEO Hugo Cancio. "We have worked toward this for many years, and we're pleased to demonstrate our commitment to our shareholders and to the people of Cuba and the United States by showing great progress toward our goals," he adds.
An intermediary sought after by American investors, politicians, and celebrities who are going to Cuba, Mr. Cancio is a featured panelist at this week's SkyBridge Alternatives (SALT) Conference in Las Vegas, the biggest hedge fund conference of the year. On Friday, May 13, he will discuss "CUBA: The Evolution of a Revolution - An Economy in Transition." (http://www.saltconference.com/speakers/cancio.html)
About Fuego Enterprises, Inc. (FUGI)
Founded in 2004, Fuego Enterprises, Inc. is a diversified holdings company focused on business opportunities in Cuba and the United States with operations in Media and Entertainment, Telecommunications, Travel, Real Estate and other industries. Fuego Enterprises also publishes two magazines: OnCuba (www.oncubamagazine.com) and ART OnCuba, the first Cuba-focused monthly and quarterly bilingual magazine publication with national distribution in the U.S. Both magazines are published in hard copies and electronic formats and is distributed in select Barnes & Noble stores throughout the United States. They are also distributed in Cuba and OnCuba the official and exclusive "in-flight" magazine for almost all flights from the U.S. to Cuba.
© 2016 Fuego Enterprises, Inc. All rights reserved.
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SOURCE Fuego Enterprises, Inc.