MIAMI, Jan. 11, 2011 (GLOBE NEWSWIRE) -- Fuego Enterprises Inc. (Pink Sheets:FUGI) announces greater than 2 million dollars in unaudited revenue over the last calendar year. Revenues over the last calendar year are several times greater than in any year since the companies' inception in 2005. The company expects to earn much greater gross revenues during 2011 due to the fact that this year's concert schedule already has an increased number of bookings over 2010, and other scheduled special events that will be announced in the near future.
Management of Fuego Enterprises is in the process of implementing a series of strategic actions to benefit the company and improve shareholder value:
1) All outstanding unaudited financial statements to be filed by the end of Jan., 2011.
2) Appoint a new SEC approved auditor to audit all unaudited financial statements with the goal of returning to SEC fully reporting status which is required for returning to the OTCBB.
3) Reduce the Authorized Shares to a total of 100 million.
4) Return to the treasury and cancel at least 800 thousand outstanding shares.
At no time since its inception in 2005 has the company engaged in any type of capital financing. The steadily increasing revenue from all sources; concerts, merchandising and promotion of special events have resulted in the company becoming self financing. Fuego now has sufficient capital and cash flow such that there is no intention in the foreseeable near future of entering into any type of capital financing.
Sometime during January the company will be announcing a specific day and time for a conference call with an open invitation for all shareholders and prospective shareholders to participate. In that conference call Mr. Hugo Cancio will be providing an update on what has been happening with the company over the last year and our plans for 2011. After providing an overview of our future plans Mr. Cancio will engage in a Q&A session with the participants.
About Fuego Enterprises, Inc.:
Fuego Enterprises, Inc. is a diversified holdings company with operations in media and entertainment, telecommunications, and other industries currently under development. Fuego Enterprises is based in the U.S. with a focus on Latin markets. For more information, please visit Fuego Enterprises at www.fuegoentertainment.net
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.
CONTACT: Fuego Enterprises, Inc. Dan York Investor Relations 214 675-2531 email@example.com