MIAMI LAKES, Fla., Jan. 31, 2013 /PRNewswire/ -- The Americas Group Cuba Business Enterprise (TAGCBE), a company focused on providing strategic advice to individuals and companies interested in doing business with Cuba and /or investing in Cuba as regulations permit, has announced the signing of a Memorandum of Understanding (MOU) to sell control of TAGCBE to Cuba Business Development Group Inc. (CBDG) in exchange for shares in its parent Company, Fuego Enterprises, Inc. (OTCPINK: FUGI).
TAGCBE is a division of The Americas Group ( www.theamericasgroup.net ) which has extensive relationships with foreign companies currently doing business in Cuba through its 40 years presence in Latin America and in additional developing markets. Cuba is one of the great remaining "last frontiers" in the Western Hemisphere which presents enormous opportunities for U.S. business interests due in part to its size, diverse and beautiful environment and, most significantly, its geographic proximity to the mainland United States.
TAGCBE believes it is timely and important for U.S. Companies to seriously begin monitoring the prospects and environment for doing business in Cuba and to begin tracking the Cuban market and policies, so they are prepared to make a move when the regulations permit. Towards that end we have assembled a group of synergistic investor partners with expertise and skills in a broad variety of sectors.
Howard Glicken, Chairman of the Board of TAGCBE and The Americas Group said, "CBDG and Fuego will provide an exceptionally well connected presence in Cuba through 20 years of experience in doing business with Cuba which will offer TAGCBE the in country management experience we have been seeking to execute our mission. We are very pleased to be working with such a high quality group."
CBDG, ( www.cbdg.co) a fully owned subsidiary of Fuego Enterprises, Inc. (FUGI), provides strategic and business solutions for opportunities in Cuba and the Caribbean basin markets. The company currently owns and/or manages or is an associate in a number of separate business segments with direct relationships in Cuba. The company currently provides strategic consulting services to businesses with an interest in the Cuban market in the delivery of international products, services and technologies into in a number of segments such as telecommunications, gift parcels and cargo transportation to and from Cuba. The company through its media group is committed to support all group-related products and services.
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, the first Cuba focus monthly bi-lingual magazine publication with national distribution in the US. OnCuba in both print and electronically formats (www.oncubamagazine.com). is distributed in over 59 Barnes & Noble stores throughout the United States it is also the official and exclusive inflight magazine for almost all flights from the US to Cuba.
CBDG, through its subsidiaries Mobile Activation Services (http://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. CBDG also intends to assist other U.S. businesses export their products and services to Cuba.
Hugo Cancio, Founder, Chairman and CEO of Fuego Enterprises and CBDG will become Chairman and CEO of The Americas Group Cuba Business Enterprise (TAGCBE). Cancio said, "This acquisition fully fits with our strategy to drive growth in key areas and markets where we are able to fully leverage our unique expertise, capitalize on years of experience and solid relationships, and deliver shareholder value with stronger and more stable growth. We are very excited about our association with the prestigious Americas Group."
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.
Fuego Enterprises, Inc.
Hugo Cancio, President
15476 NW 77th Ct., Suite 105
Miami Lakes, FL
SOURCE Fuego Enterprises, Inc.