Fuego Enterprises Does Spin Off of Cuba Business Development Group
Thu Oct 15, 2009 10:42am EDT
MIAMI, Oct. 15, 2009 (GLOBE NEWSWIRE) — Fuego Enterprises, Inc.
(PinkSheets:FUGI) 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
establish more normal relations and businesses in both countries need our
expertise and resources to fully exploit new markets and assist in
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
distribution by having a direct ownership in a company whose charter and
is so directly centered on assisting US companies to profit from
we will assist them to develop with Cuban enterprises and to help
legal and regulatory requirements in both countries," continued Cancio.
"The management of Cuba Business Development Group has lived in Cuba
for many years and therefore has current knowledge and contacts which
invaluable to our clients in their business activities. Once the US
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
free trading and included in the registration statement, no shares of
be issued to Fuego Enterprises, Inc. shareholders of record.
CBDG's officers include Hugo Cancio as its president/CEO, Ariel Machado
president of business development, and Braverman International, P.C. as its
Fuego Enterprises Does Spin Off of Cuba Business Development Group |
Reuters (16 October 2009)